© Reuters Positive expectations from ANZ Bank for gold prices
Arabictrader.com – Economists at ANZ Bank issued today, Monday, their expectations for gold prices during the coming period, especially after they had risen to the level of $2,000 after the Hamas attack, before prices fell again.
Experts at the New Zealand Multinational Bank explained that renewed geopolitical tensions, the approaching end of the US monetary tightening cycle, as well as US weakness, will protect gold and prevent its collapse.
Likewise, ANZ Bank economists indicated that the strength of central bank purchases will also support gold prices, as estimates indicate an increase in estimates of demand for gold from central banks to 1,050 tons instead of 750 tons in 2023, and an increase in demand for gold to about 800 tons in 2017. 2024.
It should be noted that the experts at Commerzbank had previously issued their expectations for the performance of the yellow metal during the next few days, as the experts saw that the medium-term expectations are positive for gold prices, despite the statements of monetary policy makers within the US Federal Reserve, led by the bank’s governor. Jerome Powell, which weakened any hopes of lowering interest rates in the near future.
The German bank economists continued that if the US inflation data comes as a surprise to the upside, it may decline further in the short term. However, in principle, Commerzbank experts believe that the US interest rate cycle has reached its peak, and therefore, expectations in the medium term are… Positive for gold metal.
2023-11-13 18:34:00
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