Gold tumbled slowly on Monday after posting its third consecutive weekly gain as investors flocked back to the safe-haven asset amid worries about the global economic recovery. The price of gold has risen about 2 percent in the last three weeks. Well, what are the analysts saying?
New Advisors founder: Gold price historically rose in early autumn
Newton Advisors Leader and founder Mark Newton said on CNBC’s “Trading Notion” on Friday that gold has entered a strong seasonal period. Typically, gold sees bottom levels in June or July, then rises sharply in the early fall, Newton said.
He said a move above $1,855 would push the precious metal higher, although higher interest rates and a stronger dollar could limit the benefits of gold. “one. If it falls below 750, we could experience a real pullback by the end of July. There must be a perfect time to buy gold.” Newton stated that the Commodity Futures Commission’s Traders’ Commitments for gold report has not reached the extremes now, and investors can still find a chance to buy.
Steve Chiavarone explains his expectations for gold
Another market analyst was less optimistic about gold prospects. Portfolio manager, equity strategist and vice president of Federated Hermes, Steve Chiavarone, said the narrative that growth and inflation will return to pre-pandemic levels is premature. In his “Trading Notion” interview, Chiavarone stated that they disagreed, adding, “We have a higher range, more than 2 percent growth, more than 2 percent inflation [and] more than 2 percent returns because of it.” We think they will settle in. ”
Chiavarone said this tends to increase interest in more value-focused investments in fiduciary assets such as gold. For more gold news Cryptocoin. com “Famous Analysts Warn: Gold Price Can Be Sold More!” You can read the article.