The gold price rose on Friday, but the bullion gold closed the week below the best levels of the day after the Federal Reserve President Jerome Powell’s central bank would soon begin to slow down or narrow monthly bond purchases. So, what levels are next?
Fed’s explanations continue to influence on gold: What does Powell say?
Kriptokoin.comAs we have reported, Powell said on Friday, the US inflation readings will continue until next year and the Central Bank is alert against the risk of consumers to expect higher inflation. He also said that the Fed’s “reducing time of $ 120 billion of monthly assets is coming. The Central Bank’s policy makers will hold their next meeting on November 2-3.
Powell also said that inflation will be longer than expected and monetary vehicles will be used if inflation rises longer than expected. He also said that the US labor market may continue to develop and thus reach “maximum employment ve next year, and if this happens, it will eliminate the last major obstacle to any interest rate hike.
Chintan Karnani: The price of gold is supported by inflation concerns
Insignia Consultants Research Director Chintan Karnani said Powell’s early gains on Friday after Powell’s announcement to reduce bond purchases. Karnani said that they expect a symptom of interest rate hike after the traders reduced the recruitment of assets. According to Karnani, Gold fell from the summits of the Fed chairman with the “Combination of Profit and Technical Sales Combination at the weekend”.
Nevertheless, Karnani said, “The price of gold is supported by inflation concerns, Kar said that the Central Bank of Russia increased interest rates to resist inflation. In the next two weeks, the Central Bank of the UK, the European Central Bank, the Central Bank of Japan and the US FED includes the key Central Bank meetings. Powell’s speech on Friday, Karnani said that he did not expect any surprise from the Fed because everything became clear ”.
Wyckoff: Markets “Wake up to Truth”
Jim Wyckoff, a senior analyst, said in a daily note that gold and silver are supported by a lower US Dollars Index to increase concerns about problem -problem inflation and to end the trading week ”. Wyckoff said that both gold and silver markets “finally wakes up to the fact that global inflation has risen and it will not be temporary, and added the following statements:
Gold prices have been rising since the end of September, and silver prices have reached the highest level of six weeks this week. History, consumer and manufacturer prices rise, as precious metals, fixed beings are more preferred in terms of protection from inflation.
