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The gold market is starting to gain impulse as prices approach the level of $ 1,800 an ounce, and one Canadian bank sees more upside potential as the precious metal may be the opposite game.
On Monday, Jackie Przybylowski, metals and mining analyst at BMO Nesbitt Burns, said that little attention was paid to gold and more attention was paid to non-ferrous metals during recent meetings with clients.
The gold market suffers from a lack of investor interest, which affects prices, letting them fall below $ 1,800 per ounce. Nevertheless, it is still a favorable environment for the specified precious metal.
Despite the fact that BMO maintains a neutral position towards gold until the end of the year, it still believes that the precious metal has potential in the short term.
And with regard to 2022, the bank predicts that the average annual price will be about $ 1,669 per ounce. The mining sector is valuable, even though gold prices have been declining recently.
The gold's price increased yesterday, strengthening investor sentiment amid a global sell-off in shares.
When the news about Evergrande, a well-known Chinese developer, appeared, it did not have a significant impact on precious metals. However, there was a large-scale sale of US stocks due to the intensification of the Evergrande crisis.
And since the world's largest real estate developer Evergrande is due to pay interest on its $ 84 million bonds on Thursday, the situation has only escalated and caused concern. Therefore, there is an increased interest in this precious metal this week.
If gold manages to keep its profits, this may mean a change in its recent disappointing trading pattern.
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