The market estimates that the price of gold still has a lot of room to rise, and it is expected to break through the historical high.

(Bloomberg)

[Financial Channel/Comprehensive Report] With the turmoil in the banking industry in Europe and the United States spreading, and the pace of interest rate hikes by the Federal Reserve may slow down, the market estimates that the price of gold still has a lot of room to rise, and it is expected to break through the historical high and maintain a high price At this time, some analysts even more boldly predicted that gold may reach US$2,500 to US$2,600 an ounce.

"CNBC" reported that Tina Teng, an analyst at financial services company CMC Markets, pointed out that as the U.S. dollar and U.S. bond yields may fall further, the Federal Reserve's interest rate hike in the near future may cause gold prices to soar again. The ounce is trading between $2,500 and $2,600.

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The price of gold futures broke through $2,000 an ounce on Monday (20th), but then fell back and closed at around $1,940 an ounce on Tuesday (21st).

Gold prices have risen about 10 percent since the Silicon Valley Bank crisis erupted in early March.

Gold's all-time high was $2,075 an ounce in August 2020, according to Refinitiv data.

Randy Smallwood, CEO of Wheaton Precious Metals, a multinational precious metals trading company, said that the central bank's continued purchase of gold is bullish for long-term prices. He predicted that gold will reach $2,500 an ounce.

Fitch Solutions (Fitch Solutions), a credit rating agency, predicted in late March that based on the intensification of global financial turmoil, gold is expected to return to a high of $2,075 an ounce in the next few weeks, and it is expected to be in line with the pre-new crown epidemic. Compared with the current level, gold will remain high in the next few years.

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