2023-05-09 16:09:00
© Archyde.com Commerzbank expects the gold price to stabilize at this level!
Arabictrader.com – In light of the retention near the 2030 level with the imminent release of US inflation data, economists at Commerzbank expected the yellow metal to remain high, in light of the expectations of stability of the main interest rate expected for the US Federal Reserve by the end of the year at the level of 4.4%.
Experts at the Deutsche Bank noted that there is no room for the Fed to implement interest rate cuts this year, however, it will likely take some time before the market reciprocates this view, so gold is likely to remain above $2,000 an ounce.
It should be noted that in light of expectations that the US Federal Reserve will stop raising interest rates and increasing investor demand for gold globally, economists at ANZ Bank expected that the yellow metal would remain strong and rise during the coming period, especially with renewed concerns regarding pressure from US banks, slowing economic growth and increasing Geopolitical tensions, and all of this supports the high demand for investment in gold.
Experts at the Asian multinational bank pointed out that the growing expectations that the US Federal Reserve will start cutting interest rates is one of the factors that support gold, especially since there are signs of building long positions in ETFs, and this will be a strong support for gold prices during trading.
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