- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD's slide is attributable mainly to USD's strength – Commerzbank
Gold Price Forecast: XAU/USD's slide is attributable mainly to USD's strength – Commerzbank
On Monday, gold price fell to $1,620. The strong US dollar is the main culprit of the yellow metal’s woes, strategists at Commerzbank note
Gold appears to have lost its role as a safe haven to the USD
“Once again, it is the firm US dollar, which on a trade-weighted basis achieved a 20-year high, that is weighing extremely heavily on its price, as are the significantly higher bond yields.”
“Gold appears to have lost its role as a safe haven to the USD, which thanks to the Fed rate hikes is promising considerable returns again, at least in nominal terms.”
“A glance at the gold price in euros reveals that the slide in the gold price is attributable first and foremost to the strength of the USD: gold in euros has actually risen slightly of late, and at around €1,700 per troy ounce is trading back at its early September level.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
