Gold prices slackened on Friday, but the precious metal remained on its way to the benefit for the fourth week in a row as the US Federal Reserve’s confidence to maintain its supportive monetary policy for economic recovery increased.
Analyst announced his expectation for gold price
Spot gold slid to $1,824 at the time of writing after hitting $1,833.65 on Thursday, its highest since June 16. Gold bullion is 0% this week. 8 increased. Gold futures fell 0.2 percent to $1,825.40. Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, said: “Even though inflation has increased, there has always been a decline in returns. It is an indication that the global economy is probably seeing its best state and that the future will slow down… Therefore, gold seems attractive to us.” In addition, he explained his expectations for the price of gold and said:
I do not expect gold to drop below $1,800 in the near term and it has the potential to test $1,900 again.
What happened in the market this week?
Cryptocoin. com, Fed Leader Jerome Powell answered questions about inflation and banking regulations in a session of the Senate Banking Committee on Thursday, repeating the word “strong support” to complete the US economic recovery, raising US Treasury bond yields over the past week. sent to its lowest level. According to experts, lower interest rates reduce the opportunity cost of holding non-yielding gold, which is also considered a hedge against inflation that can result from widespread stimulus measures.
The dollar, which made gold valuable for other currency holders, headed for the most favorable weekly profit for almost a month. Palladium, on the other hand, rose 0.2 percent to $2,735.66 an ounce, but fell for the first time in four weeks. “We believe palladium has probably peaked this year and should trade lower by 2022,” UBS analyst Giovanni Staunovo said in a note. Platinum fell 0.6 percent to $1,131.50 an ounce, but was up 2.6 percent for the week. Silver fell 0.6 percent to $26.18 an ounce.