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Gold is currently unstable because inflation and interest rate expectations continue to dominate the market.
In their latest outlook for precious metals, Haywood Securities slightly raised their projections for gold to $ 1,815, which is 0.8% higher than their previous forecast. They said they have high hopes for it because gold is still a durable asset and a reliable store of value, not to mention US Treasury yields are currently falling.
But some analysts point out that gold is not responding to bond yields.
Financial markets are also in a tough spot amid expanding inflationary pressures and expectations for interest rate changes. If inflation continues to hike, rates could increase and become a threat to economic recovery. And if rates are raised to high levels, US debt will also grow, which will lead to an even larger deficit.
According to the World Gold Council, in the years when the US CPI was above 3%, the average annual gold return was 15%.
Last week, the US Department of Labor said the annual consumer price index rose 5.4%, which is the largest increase since 2008.
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