02/07/2024 – 16:31
Gold moved sideways this Wednesday, 7th, during the day and closed close to stability, with an increase of US$ 0.30 on the day and remaining above US$ 2,050 per troy ounce. According to Bannockburn, the trading day this Wednesday was “silent” for the metal.
Gold sustained the gains seen on Tuesday following the weakening of the dollar and Treasuries on Wednesday, safe-haven assets that usually rival the precious metal.
On Comex, the metals division of the New York Mercantile Exchange (Nymex), gold scheduled for delivery in April closed up 0.01%, at US$2,051.70 per troy ounce.
According to the head of Commodity Strategy at TD Securities, Bart Melek, the expectation for gold continues to be high in the medium term.
He writes that central banks around the world have increased their pace of gold purchases and predicts that the metal will end 2024 trading at US$2,081, after reaching highs of US$2,200 in the next quarter.
Parallel to this, the global macroeconomic scenario – with the rise of American debt to “alarmingly advanced” levels and growing tensions in the Middle East and Eastern Europe – offers support to prices and increases the movement of earnings, says the analyst.
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