According to official statistics, the People's Bank of China (PBOC) built up its gold reserves for the seventh month in a row in May. Despite ongoing fluctuations in the price of the yellow metal, the regulator continued to diversify its national reserves.
No change of the indicator value may reduce the volatility of the related markets.
A decrease of the indicator value may contribute to the rise in quotes of Silver, Gold and the fall in quotes of USD.
A decrease of the indicator value may contribute to the rise in quotes of Silver, Gold and the fall in quotes of USD.
A decrease of the indicator value may contribute to the rise in quotes of Silver, Gold and the fall in quotes of USD.
Chantelle Schieven, Head of Research at Capitalight Research, told Kitco News she is maintaining her forecast for gold, according to which the price of the asset will rise to $3,200 per ounce this year.
Gold hit a record high of $3038.91 per ounce on Wednesday, fueled by heightened geopolitical issues and trade instability. Prices are also being driven by investor concerns over escalating conflicts in the Middle East.
Commerzbank analyst Carsten Fritsch raised the forecast for the year-end silver price from $33 to $35 per ounce. Such a change is due to silver reaching a new four-month high. According to the expert, the metal may soon trade steadily above $34.
The stock market decline and rising investor concerns about a potential US recession are driving demand for gold. Additionally, global economic instability is enhancing gold's appeal as a safe-haven asset, according to Kitco News.
ANZ Financial Group has raised its gold price forecast to $3,100 per ounce for the zero-to-three-month period and to $3,200 per ounce for the up to six-month period. The organization maintains a bullish outlook on gold, driven by rising geopolitical instability.
Some of the largest global banks, including Bank of America, Citigroup and Macquarie, remain optimistic about gold, with its price exceeding $3,000 per ounce.
Gold is not just glitter and beauty, but also a key asset in the financial sector.
Gold appears to be something more than just a metal. It is an indicator of economic stability and a tool for managing finances.
Staying up-to-date with the latest gold news is a key to successful management of your funds.
