Investors’ interest in gold peaked.
By
gurely
PUBLISHED:
Mar 22 2017 @ 07:22
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Since the FEDs increase in benchmark rate by 25 basis points last week, the gold prices have reached near the highest level of more than two weeks. In other words, the fall of the US dollar has led to further strength in gold prices.
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The spot gold fell 0.2% to $1.232.41 per ounce at 3pm GMT, while the US dollar index was heading towards the longest decline since November. On the other hand, the metal continued its upsurge with 2% last week and another 0.4% rise on Monday to $1.234.24; highest level since 3rd of March.
According to the director, economist and commodity strategist of ETF securities; it is expected for the gold prices to increase to $1300/oz by mid-year; over 5% increase before falling back to current levels by the end of the year. The FED members might talk vigorous in the second half of the year, potentially tightening yields and precipitate to a stronger USD. Notwithstanding, it seems for now that the FED is likely to support gold.
Nonetheless, prolonged political uncertainty in Europe has been making the gold more fragile; startling the investors by its resilience over the past couple of weeks.
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