Gold consolidates its position in the world market
Dollar’s downfall has caused a rise in gold prices. The Comex commodity futures exchange has seen a few changes. Experts share their positive forecasts concerning gold’s performance.
Read on to learn more!
Gold-and-dollar roller coaster
On June 27th, the Comex exchange recorded an increase in gold prices and a dollar’s drop by 0.10%.
Gold prices grow as the dollar falls? Classic. The US economic policy and comments of the Fed’s head Charles Evans add up. In June 2017, Mr Evans assessed the dynamics of prices and the state of affairs in Washington and made a statement about the increase in the interest rates postponed until the end of the year.
If you remember, in March 2017, the rates were raised a second time. Fed’s experts previously predicted that this year may see several of those due to the monetary policy tightening and the unstable situation in Europe.
Positive forecasts by market sharks
Reuters technical analyst Wang Tao is confident about the growth of gold prices. According to Mr Tao, they may rise up to $1,248 per ounce and soar even higher.
Another important statement that affected the gold market was made by the Italian banker and economist Mario Draghi during a political forum in Portugal. Being the head of the European Central Bank, he provoked the growth of the euro and the fall of the dollar by affirming the plans of the Eurozone expanding in economic terms.
The weakening of the dollar as the euro grows multiplied by statements of the world's leading experts traditionally raise the price of gold.
Opt for the assets whose value is ever-growing.