Comex gold futures contract Delivered in Feb. plus $ 6.80 to close at $ 1,935.40 / ounce
In addition, gold prices were also boosted by expectations that the US Federal Reserve (Fed) will raise interest rates by only 0.25% in its March 31-Feb 1 meeting after the producer price index was released. (PPI) and Consumer Price Index (CPI), which indicate inflation has peaked. This will cause the Fed to delay rate hikes.
Analysts at Bank of America expect gold prices to surpass $2,000/ounce in the coming months. This was driven by the Fed’s delay in raising interest rates. This will cause the dollar to weaken. and US government bond yields declined
Rising interest rates last year were a factor in the price of gold. by pulling the price down to touch $ 1,613.60 in September. after hitting $2,069.89 in March
Without pressure from the strong dollar and rebounding US Treasury yields this year. Investors would buy gold as a hedge against inflation and recession.
In addition, gold prices are expected to be supported by gold orders from central banks around the world. Including retail investors’ demand for gold bars and gold coins.