{"id":20181,"date":"2023-06-08T19:25:09","date_gmt":"2023-06-08T23:25:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/citi-commerzbank-stay-bullish-on-gold-medium-to-longer-term\/"},"modified":"2023-06-08T19:25:10","modified_gmt":"2023-06-08T23:25:10","slug":"citi-commerzbank-stay-bullish-on-gold-medium-to-longer-term","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20181","title":{"rendered":"Citi, Commerzbank stay bullish on gold medium-to-longer term"},"content":{"rendered":"
\n

Investing.com — The Federal Reserve\u2019s potential rate hike pause next week could just be one reason to stay bullish on gold despite choppiness in the yellow metal now, analysts at Citigroup\u00a0and Commerzbank\u00a0said Thursday.<\/p>\n

Gold is expected to average $1,965 an ounce in the near term, analysts at Citigroup said as they turned neutral on the yellow metal from its previous target of $1,915-$2,100. Even so, \u201cfresh bullish legs\u201d could emerge in the medium term, they said.<\/p>\n

Commerzbank said its assumption was that the Fed will not want to raise rates further after its pause, to avoid over-tightening of credit conditions. \u201cIf our experts are right, the gold price should rise in the coming months,\u201d said Commerzbank, which maintains forecasts of $2,000 and $2,050 for the third and fourth quarters, respectively.<\/p>\n

on New York\u2019s Comex settled at $1,978.60 an ounce on Thursday, up $20.20, or 1%, on the day. For the week, it was up 0.5%, the same as the previous week.<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,965.76 by 16:30 ET (20:30 GMT), up $25.75, or 1.3% on the day. For the week, spot gold was up nearly 1%, adding to the previous week\u2019s near flat close.<\/p>\n

Bets for a Fed rate pause have grown despite higher weekly among Americans.<\/p>\n

According to Investing.com’s , there was a 73.7% chance that the central bank will stand down from a rate hike when its policy-makers sit on June 14.<\/p>\n

To fight inflation, the Fed has raised by 500 basis points, or 5%, over the past 16 months, bringing them to a peak of 525 basis points, or 5.25%.<\/p>\n

Ed Moya, analyst at online trading platform ONDA, said gold\u2019s choppiness in recent weeks was due to a lack of conviction over the economy that hadn\u2019t helped tip the market\u2019s balance either way.<\/p>\n

Gold traders now had their eyes on the next inflation reading due Tuesday from the U.S. report for May, Moya said.<\/p>\n

The CPI hit 40-year highs in June 2022, expanding at an annual rate of 9.1%. Since then, it has slowed, growing at just 4.9% per annum in April, for its slowest expansion since October 2021. The Fed\u2019s favorite price indicator, the , or PCE, Index, meanwhile, grew by 4.4% in April. Both the CPI and PCE are, however, still expanding at more than twice the Fed\u2019s 2% per annum target for inflation.<\/p>\n

Technically, gold could be poised for highs of $1,990 and beyond even if it heads back towards mid-$1,900 levels, said Sunil Kumar Dixit, chief strategist at SKCharting.com.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The Federal Reserve\u2019s potential rate hike pause next week could just be one reason to stay bullish on gold despite choppiness in the yellow metal now, analysts at Citigroup\u00a0and Commerzbank\u00a0said Thursday. Gold is expected to average $1,965 an ounce in the near term, analysts at Citigroup said as they turned neutral on the […]<\/p>\n","protected":false},"author":1,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-20181","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCiti, Commerzbank stay bullish on gold medium-to-longer term | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- The Federal Reserve\u2019s potential rate hike pause next week could just be one reason to stay bullish on gold despite choppiness in the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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