gold price prediction thnags
Spot gold rose 0.3 percent to $1,919.41 an ounce. At the same time, US gold futures also increased 0.4 percent to $1,946.80. Accordingly, the depreciation of the dollar has made the price of gold more attractive to holders of other currencies.
Fed Chairman Jerome Powell has said that to contain inflation that is still too high, the central bank may need to raise interest rates again. However, an increase in interest rates could increase bond yields and make bullion less attractive.
The CME FedWatch tool shows investors are betting with a 56% chance of another rate hike in 2023 and a 40% chance that the Fed will leave rates unchanged for the rest of the year.
One highlight in investor sentiment towards bullion was data from last week that showed COMEX gold speculators trimmed their net long positions for the week ending Aug.
Meanwhile, spot silver was steady at $24.23, remaining near its highest since Aug. 2. At the same time, platinum was up 2.2% to $964.99, and palladium also rose 2.2% to $964.99. rose 2.5% to $1,254.89.
Fed Chairman Jerome Powell has said that to contain inflation that is still too high, the central bank may need to raise interest rates again. However, an increase in interest rates could increase bond yields and make bullion less attractive.
The CME FedWatch tool shows investors are betting with a 56% chance of another rate hike in 2023 and a 40% chance that the Fed will leave rates unchanged for the rest of the year.
One highlight in investor sentiment towards bullion was data from last week that showed COMEX gold speculators trimmed their net long positions for the week ending Aug.
Meanwhile, spot silver was steady at $24.23, remaining near its highest since Aug. 2. At the same time, platinum was up 2.2% to $964.99, and palladium also rose 2.2% to $964.99. rose 2.5% to $1,254.89.
✔️ TP1: 1922
✔️ TP2: 1924
🚫 SL: 1915