2023-06-06 17:44:00
© Archyde.com Commerzbank Gold Price Forecast
Arabictrader.com – Economists at Commerzbank analyzed their expectations for gold prices ahead of the meetings of the major central banks scheduled for next week, especially amid expectations that the European Central Bank will continue to raise interest rates, and an ambiguous position regarding the future.
Experts at the German Bank indicated that the market sees an opportunity to raise the interest rate again, but there are some economists that interest rates have reached their peak in the United States, especially after negative US services PMI data, which raised some seeds of doubts in the market regarding expectations of raising US interest rates next week, which will have a strong impact on gold prices.
In this context, Commerzbank economists stressed that it is assumed that the possibility of raising interest rates will affect until the next meeting, and there will be a more clear and continuous correction in gold prices after the next Federal Reserve decision on the interest rate, because the market situation will then become clear that it was very hawkish.
Earlier, and in a note published by the Swiss investment giant UBS, the bank’s analysts insisted that they still maintain their bullish view of gold prices in the XAU / USD pair despite the significant decline witnessed by the yellow metal during the recent period, indicating that they expect it to rise to its highest levels. at all this year.
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