Gold craze: prices boosted by 28% and reserves piled-up to 6.55 tonnes
Investors remain optimistic towards precious metals with a special emphasis on gold: their markets were in positive territory yesterday, as the dollar experienced a downward phase described as “multi-week low”.
Find out why the interest in buying and selling in gold is increasing!
On Tuesday 2nd August, Dalton Barker reported that after the last six-week low at 95.22 on the dollar, markets are going to be moderate during this week. Last week's Federal Reserve statement led to a renewed pressure on the dollar but for precious metals, the interest continued. Overnight, gold reserves climbed 6.55 tonnes in the exchange-traded funds as tracked by FastMarkets.
Andy Farida, an analyst from FastMarkets, affirmed that the technical and fundamental backdrop of the dollar kept them constructively optimistic towards gold, which is proving popular and resistant and whose prices have been supported. Of course, gold is sensitive to moves in US rates, but gradually higher rates are not seen as a threat to gold prices.
For the rest of the year, gold prices are said to be up nearly 28%, boosted by concerns over global growth and expectations of monetary incentives. Although a optimistic trend of gold is expected to happen slowly but surely, today, gold prices held steady below a two-year high in European trade.
With these forecasts, buying and selling gold carries long-term benefits as the profits to be obtained by working with this precious metal keep on being on the rise. As a matter of fact, while the Bank of America (BofA) predicted that gold can amount to $ 1,475 in 2017, The Economy Forecast Agency's gold price forecasts go beyond:
Maximum gold price for December 2016: $ 1,524
Maximum gold price for January 2017: $ 1,598
Maximum gold price for February 2017: $ 1,593
Maximum gold price for March 2017: $ 1,672
Maximum gold price for April 2017: $ 1,756
As it is observed, gold prices will gradually increase from month to month according to The Economy Forecast Agency. The forecasts for 2017 reinforce the smart decision of creating personal gold reserves as it is unquestionable that they bring optimistic expectations along.