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by winston » Wed Jul 26, 2023 9:05 pm
Falling real yields in the US will be a “significant driver” for the precious metal when the Federal Reserve starts to deploy rate cuts, which should play out in the second quarter of next year.
The bank has an average price target of US$2,175 an ounce for bullion in the final quarter of 2024, with risks skewed to the upside on a forecast for a mild US recession that’s likely to hit sometime before the Fed starts easing.
by behappyalways » Sat Jul 29, 2023 10:39 am
by winston » Mon Jul 31, 2023 6:11 pm
In a turnaround that’s already taken it from one of the world’s biggest gold buyers to a top seller this year, Kazakhstan’s central bank is looking to cut the metal’s share to as low as half of its $34.5 billion reserves.
Alongside its counterparts in Turkey and Uzbekistan, the National Bank of Kazakhstan has emerged among the institutions that have contributed to a second straight quarter of decline in bullion purchases from central banks, whose buying accounted for nearly a quarter of global gold demand last year.
The Kazakh sales abroad of about 67 tons in the first six months are part of a plan to lower the metal’s share in reserves to an “optimal” level of 50%-55% — equivalent to around 300 tons — at end-2023, from the current 314 tons. The proportion was near 56% at the end of June,
by behappyalways » Tue Aug 01, 2023 6:03 pm
by winston » Tue Aug 01, 2023 7:07 pm
Indians are expected buy between 650 and 750 tons of the precious metal in 2023. The range is lower than the 774 tons bought last year and the least since the 446 tons purchased in 2020,
India’s weakening gold consumption comes as buying by central banks around also slows.
by behappyalways » Wed Aug 02, 2023 3:24 pm
by winston » Thu Aug 03, 2023 8:17 am
Gold bugs have been knocking on the door of $2,100 for nearly three years, and history suggests the trading range will prove to be a continuation pattern in which the yellow metal not only breaks above resistance at $2,100 to post new highs but could take the next step higher in the process".
It's not just dollar weakness that could help gold break out to new highs. Over the past 30 years, gold futures usually begin a seasonal rally in late July or early August.
If gold can move above $2,100 per ounce, it could stairstep as high as $2,600 per ounce.
by behappyalways » Mon Aug 07, 2023 1:05 pm
by behappyalways » Fri Aug 11, 2023 6:35 pm
by behappyalways » Sun Aug 13, 2023 5:11 pm
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