Gold prices rose 150 dollars in March. Thus, March 2023 has been the best month for gold since July 2020. While analysts see that markets contradict the Fed’s message, it is generally positive about gold.
Gold prices can see a more pronounced correction
Kriptokoin.comAs you have followed, gold prices maintained most of the gains in the middle of the market turmoil and are still traded above $ 1,950. According to the report of Commerzbank economists, market participants will probably focus their attention on the US labor market next week. In this context, economists make the following statement:
If the market sees that the live US labor market figures are forced to reduce the expectations of rapid interest rate reduction before the end of the year, the gold market may see a more pronounced correction. Since the beginning of March, the gold ETFs followed by Bloomberg recorded 30 tons of entrance. This means that they will probably publish monthly entries for the first time since April 2022.
Performance comparison for silver and gold prices
3 bombs for the prices of the sixths: These levels are coming! N prices are supported by weakened dollar and alleviated inflationary prints. Economists in Anz Bank estimate that gold will be $ 2,050 by the end of the year. For these estimates, economists underline the following:
We believe that the fears of recession in the United States, the alleviated inflationary print and pigeon monetary policy will increase the performance of gold. The macro background will also continue to be supportive. Therefore, any price decrease will probably be short -lived and will be seen as a purchase opportunity. Towards the end of the year, we aim to gold as 2,050 dollars. In the meantime, we expect silver to perform better than gold in the rising price environment.
Long -term game on commodities
The global commodity sector came under pressure in March. However, the strategists in UBS continue to be the most preferred in this asset class. Strategists deal with this issue as follows:
With the target of 100 dollars/barrels, we continue to see opportunities in long -term Brent oil contracts. In addition, we recommend a long platinum trade with the target of $ 1,150 due to the close correlation of metal with gold. Crude oil, copper, nickel, gold and platinum we see the opportunities to sell downward price risks.
Can continue to see gold and silver demand irradible
Even if the banking crisis is resolved, Jonathan Butler, a precious metals analyst in Mitsubishi, says that a sleeping problem can continue to support the demand for safe port of more precious metals. This is the rapidly approaching debt ceiling.
The non -Partisan Congress Budget Office estimated that the government would consume emergency vehicles for a while this summer. This increases the likelihood of default unless the deputies raise the ceiling or suspend. Butler, in a report published on Thursday, says that gold and silver may continue to see demand as a safe port at a time when the uncertainty and the government may have to support more deposit holders.
Silver will shine strongerly
The gold-security ratio has currently traded around 82 points and fell to the lowest level of two months. Therefore, the rally of silver performs better than gold. In a note on Friday, Forex.com Market Analyst Fawad Razaqzada says that the rate falling below 86 points last week is an important movement and broke the support of the decline tendency. Analyst If the rise tendency remains intact for both metals, the silver will shine more powerfully. This table tells us that, ”he says.
