Standard Chartered Analyst commented on gold prices. He said that precious metal was stuck between the two opposing forces, which mostly kept the transaction range of ounces between $ 1,750 and $ 1,850. Kriptokoin.comWe share the details as…
According to Standard Chartered analyst, what will be gold prices next year?
Standard Chartered precious metals analyst Suki Cooper, for gold in the last case of the market; He said he sucked Omicron fears with a downward physical market and a more aggressive Fed. According to the analyst, the risks of gold stagflation were stuck between the Fed’s interest rate hike and increasing safe port demand, and a softer physical market and the fears that the interest rate hike would accelerate. Dear metal analyst, the stock market continues to be wavy, while gold is no longer following the inflation narrative and bond returns rather than the US dollar and reverse correlation.
Cooper explained that creating weight on gold in the short term is also tactical positioning. “Before the Omicron variant, gold prices came under pressure and investors started to liquid high long positions,” he said and added:
The November Rally of gold was accompanied by seasonal demand and provided a strong base for the rise of prices. However, this demand will begin to decrease in December. The latest trade data from India, China, Hong Kong and Switzerland underline the power of gold prices. The pre -data show that India’s demand remained strong in November. However, the local premium of India softened at the beginning of December, China’s premium rose.
Standard Chartered estimates that gold will close the year at $ 1,825 per ounce and then rise to $ 1,875 per ounce in the first quarter of the next year.
