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[size=35][size=35]Gold is heading for its worst week in 15 months[/size]
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2021-06-18 | 03:20
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And gold rose in spot transactions 0.5% to $ 1781.96 an ounce, by 05:28 GMT, but it was down five percent for the week. And US gold futures gained 0.5% to $1,782.70.
Edward Meir, an analyst at ED and Fman Capital Markets, said that the (US Federal Reserve) change of policy expectations launched a decline in gold prices, adding that “the reaction in gold is somewhat exaggerated.”
"Despite the currently high growth and inflationary environment, the proposed rate increases by the Federal Reserve are not expected to start for at least another 18 months. So after more limited weakness here, gold prices will consolidate again and rise."
The US central bank indicated on Wednesday that it will consider reducing its asset purchase program at each meeting it holds, and has brought forward expectations of the first post-pandemic interest rate increases to 2023.
After the monetary tightening comments from the Federal Reserve, the dollar jumped to a two-month high and is heading for its best week in nearly nine months.
Although gold is considered a hedge against inflation, higher interest rates will reduce its attractiveness as it means that the opportunity cost of holding it will increase.
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Economie
[You must be registered and logged in to see this link.]2021-06-18 | 03:20
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[/size]
2,907 views
Gold prices rose on Friday, but they are heading for their worst weekly performance since March 2020 after the US central bank's shift towards a monetary tightening tone caused the dollar to rise.
And gold rose in spot transactions 0.5% to $ 1781.96 an ounce, by 05:28 GMT, but it was down five percent for the week. And US gold futures gained 0.5% to $1,782.70.
Edward Meir, an analyst at ED and Fman Capital Markets, said that the (US Federal Reserve) change of policy expectations launched a decline in gold prices, adding that “the reaction in gold is somewhat exaggerated.”
"Despite the currently high growth and inflationary environment, the proposed rate increases by the Federal Reserve are not expected to start for at least another 18 months. So after more limited weakness here, gold prices will consolidate again and rise."
The US central bank indicated on Wednesday that it will consider reducing its asset purchase program at each meeting it holds, and has brought forward expectations of the first post-pandemic interest rate increases to 2023.
After the monetary tightening comments from the Federal Reserve, the dollar jumped to a two-month high and is heading for its best week in nearly nine months.
Although gold is considered a hedge against inflation, higher interest rates will reduce its attractiveness as it means that the opportunity cost of holding it will increase.
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