Gold Price Forecast: Recovering Dollar is likely to weigh on XAU/USD – ANZ
Source Fxstreet
Gold (XAU/USD) has risen along with geopolitical risks and expectations of US rate cuts. Strategists at ANZ bank analyze the yellow metal’s outlook.
Central bank Gold purchases rose
Heightened geopolitical risks should support haven investment in Gold; but waning market expectations of early rate cuts by the Fed and a rebound in the USD are likely to limit the upside.
Central bank Gold purchases remain strong and likely to reach 1,050t in 2023.
Demand for physical Gold still looks healthy.
See – Gold Price Forecast: The Fed’s explicit pivot will create a constructive outlook for XAU/USD – OCBC
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Silver (XAG/USD) lacks a firm intraday direction and oscillates in a narrow range during the Asian session on Wednesday as traders opt to wait on the sidelines ahead of the crucial FOMC rate decision.
Gold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.
Gold tumbles below $4,650 as inflation fears and liquidity squeeze weighGold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
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