The perfect recipe for a bullish gold market
On Friday, October 28th, experts have acknowledged several factors that are contributing to a bullish gold market. Gold prices as well as its physical demand keep on increasing under the safe roof of added stability.
Read this article and get to know what is currently favoring the gold market.
Today, we live in an inflationary growth environment that only gold can resist; specially when inflation is accelerating at the same time that policy makers are unsure about how to respond to it.
What other factors constitute today's main influence for gold prices?
Factors playing in favor of gold prices
Gold has two new allies. In addition to the unpredictability of the inflation rise on a global scale, the Fed continues to be very hesitant to raise interest rates. These two factors create the perfect recipe for a bullish gold market, resulting both in an increment of its price and in a more confident stability.
“Precious metals prices have started to edge higher and consolidating in recent days – given the stronger dollar, that is quite an achievement”
William Adams, Metal Bulletin analyst
Increasing physical demand
The price of gold amounts to $1,271 per ounce on October 28th, which is also a crucial date for the physical demand of this precious metal; mainly due to India's festival season.
To be precise, gold's increasing physical demand derives from Dhanteras and Diwali, two important religious Hindi festivals where gold is normally given as a gift. Along with this support, gold will continue to enjoy great prestige in the market.
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