The price of gold continues its upward trend this Thursday March 23 and records its maximum value at closing in the last year After the Federal Reserve pointed out that he might be about to put end its cycle of monetary tightening.
Gold rises a 1.9% to $1,986.60 the ounce.
the dollar falls and so? makes gold more attractive for foreign buyers.
Last Wednesday, the Federal Reserve raised rates by a quarter of a percentage point, but indicated that it was about to pause on further increases in borrowing costsgiven concerns about the banking sector after the bankruptcy of two US lenders earlier in the month.
Federal Reserve policy makers believe that to combat inflation one more interest rate hike may be needed this year. However, the Fed Chairman, Jerome Powellwarned in his press conference that the Fed would do “enough” to bring inflation down to 2% and would raise rates further if necessary.
Goldman Sachs raised its forecasts for the price of golddescribing it as the best coverage against financial risksadding to similar upward revisions from Citi, ANZ and Commerzbank.
The price could be between US$1,992 and US$2,009 per ounceaccording to Wang Tao, Reuters technical analyst.
While, The Bank of England is expected to raise interest rates for the 11th time in a row on Thursday.
Among other precious metals, the silver spot was down 0.8% at $22.85 an ounce, the platinum added 1.1% to u$s988.23 and the palladium it earned 0.9% at $1,464.01.
Source: Ambito
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