2023-05-12 16:58:00
© Archyde.com. Commerzbank expects gold prices this year and next
Arabictrader.com – Experts at Commerzbank said in a research note that following a strong rally over the past few months and approaching an all-time high, gold is likely to come under pressure once more as expectations of a rate cut in the second half of the year are supposed to be Disappointing year.
Experts at the German Bank indicated that, in light of expectations of postponing interest rate cuts by the US Federal Reserve, the price drop should be limited, but towards the end of the year and next year, it is likely that the price of gold will rise once more.
At the same time, Commerzbank economists explained that for the end of the year, the price of an ounce of gold is expected to reach 2050 US dollars, and then rise once more to 2100 by the middle of next year.
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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