On Friday, February 26, one ounce of gold was traded at around 1,762 dollars, which corresponds to 1,450 euros. The price of the yellow precious metal is under pressure from weak technical indicators and growth in yields on US government bonds. What gold forecasts have recently been announced by bank analysts?
The American bank Citigroup believes that the price rally of bitcoin harmed the gold market, as many investors began to sell their positions in precious metals and shift their capital to cryptocurrencies, which bring higher returns than gold. Bank analysts lowered their previous forecast for the next 12 months from $ 2100 to $ 1950 per ounce.
Analysts at investment bank Goldman Sachs also lowered their outlook for gold. Instead of $ 2300, the cost of the precious metal may grow in the next 12 months only up to $ 2000 per ounce.
Analysts at the British bank Standard Chartered believe that the US dollar has shown its resilience over the past few weeks, but the Fed's monetary policy, which promotes both economic growth and inflation, will ultimately turn out to be negative for the US currency. But for gold, on the contrary, it will support growth. The bank believes that the important levels of support for the price of gold will be $ 1765 and $ 1680 per ounce.