Global gold prices rose slightly on the day trading resumed after the Christmas holiday, due to a weaker US dollar and lower government bond yields. The dollar index hovered near a five-month low, while the yield on the 10-year U.S. Treasury note fell slightly, making gold more attractive.
Gold prices are still on an upward trend and are expected to reach new highs in 2024 when the US dollar is on a downward trend. Bank of America predicts gold prices will rise to $2,400 an ounce next year in a new forecast.
David Meagher, head of metals trading and expert at commodity trading firm Highridge, said the Fed's perception that inflationary pressures remain subdued, raising expectations for rate cuts, has led to a sharp decline in bond yields and a weaker dollar. He believed that this had led to a sharp decline. Rising US dollar and gold prices. "We believe the current upward trend in gold is a sustained price increase," he said.
MarketWatch said gold prices were also supported by central banks' gold purchasing needs and increased demand for physical gold in Asia at the end of the year.
Gold prices are still on an upward trend and are expected to reach new highs in 2024 when the US dollar is on a downward trend. Bank of America predicts gold prices will rise to $2,400 an ounce next year in a new forecast.
David Meagher, head of metals trading and expert at commodity trading firm Highridge, said the Fed's perception that inflationary pressures remain subdued, raising expectations for rate cuts, has led to a sharp decline in bond yields and a weaker dollar. He believed that this had led to a sharp decline. Rising US dollar and gold prices. "We believe the current upward trend in gold is a sustained price increase," he said.
MarketWatch said gold prices were also supported by central banks' gold purchasing needs and increased demand for physical gold in Asia at the end of the year.
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