Gold

Gold (XAUUSD)

Gold prices held steady on Friday as the market was in a standstill, waiting for U.S. payrolls data to be released. The statistics could have an impact on the Fed's monetary tightening course.

Gold continues to hold a defensive stance at the beginning of 2023, HSBC analysts said. So that prices for the yellow metal are expected to rise.

After Fed Chair Jerome Powell's forecast of a slowdown in interest rate hikes, which caused a rally in the metals markets, gold prices are rising on Thursday.

According to Carley Garner, co-founder of DeCarley Trading, if the U.S. Fed stays hawkish on interest rates, it could disappoint markets and provide a number of opportunities to buy precious metals.

As TD Securities economists predict, during the next months the price of gold will fall to $1,600 and below. Nevertheless, in the second half of next year, the metal will surpass the $1800 mark.