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Analysts told Kitconews that the $ 100 price change for the gold market, which has seen a resurgence of buyer interest, is highly volatile.
Gold rose more than $ 25 an ounce on Friday after the University of Michigan Consumer Confidence Index fell to 70.2. The disappointing reading of the index caused the dollar to fall and US Treasury yields to fall, which was very positive for the precious metal.
"The market is a little worried about the economy and the spread of the Delta Corona virus," Bart Milk, director of global strategy at TD Securities, told Kitconews, citing the fall in the value of the US dollar and a sharp drop in 10-year and 30-year Treasury yields.
It now makes sense to assume that the US Federal Reserve is focused on macroeconomic data and that the announcement of a stimulus package will not be as strong as many people expected.
"Inflation figures for gold are positive and indicate that price pressures may rise again," said Ginsville Queens, a precious metals expert. This would mean that the US Federal Reserve may not be in a hurry to curb inflation. In addition, the price of an ounce of gold below $ 1,800 is a great opportunity for buyers to enter the market and, on a technical basis, makes this precious metal quite attractive. Under these circumstances, the rapid recovery of the gold price was very encouraging and within a few hours, the gold returned above the $ 1,700 mark.
He added: "Another sign for gold is the peak of physical demand in Asia and there are quite positive signs in the demand side. We see that the process of selling Indian gold jewelry and coins is on the right track. This will boost the demand for cheap shopping.
Gold rose $ 26.40, or 1.5 percent, to close at $ 1,778.20 an ounce in trading on Friday.
Ahan Pouya with more than a decade of best-selling experience, adheres to professional and ethical principles in the field of selling and buying at inside and outside the borders of Iran, helping you in the steel industry.
