Gold Price Forecast: XAU/USD unlikely to make any major leaps in the short term – Commerzbank
Source Fxstreet
Gold has been under pressure as the market mulled the Fed’s interest rate path. Strategists at Commerzbank analyze the yellow metal’s outlook.
Weak demand from automotive industry and downturn in Gold are weighing on Palladium
Prices on the precious metal exchanges are under pressure: Palladium is the biggest loser, dropping around 15% since the beginning of the year. Weak demand from the automotive industry and the recent downturn in the Gold market are weighing on the price. The latter is mainly due to disappointed hopes of quick interest rate cuts.
We believe that the first interest rate cut in the US is not expected until May, so the Gold price is unlikely to make any major leaps in the short term.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The USD/JPY pair attracts some buyers during the Asian session on Monday and climbs back above the 153.00 mark following the disappointing release of Japan's Q4 GDP report.
Gold (XAU/USD) attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels.
Silver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
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