{"id":4043,"date":"2024-03-13T18:00:10","date_gmt":"2024-03-13T16:00:10","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4043"},"modified":"2024-03-13T18:00:10","modified_gmt":"2024-03-13T16:00:10","slug":"gold-poised-to-hit-2250-q2-target-say-economists","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4043","title":{"rendered":"Gold poised to hit $2,250 Q2 target, say economists"},"content":{"rendered":"

<\/p>\n

Gold dipped 1.1% after the US inflation print came in higher than expected, with economists at TD Securities saying yellow metal may drift modestly lower toward the $2,025-2,100 range.<\/p>\n

The February CPI came in hotter than expected, with core inflation up 0.4% MoM to 3.8% YoY, and headline inflation up 0.4% MoM to 3.2% YoY. The implication is that the Federal Reserve may not be ready to cut rates just yet.<\/p>\n

\u201cThe outsized rally which took Gold up from the $2,020s to nearly $2,200 may well give back some gains, as some of the recent long extensions are liquidated or buying momentum slows. It would not be a surprise to see Gold drift modestly lower toward the $2,025-2,100 range,\u201d said economists at TD Securities.<\/p>\n

The Fed is gearing up to cut rates and despite a disappointing CPI print, US monetary policy authorities are likely to judge that price pressures are coming off.<\/p>\n

\u201cAs long as economic data continues to soften, Gold is well positioned to hit our $2,250 Q2 target,\u201d the economists added.<\/p>\n

Meanwhile, economists at ANZ Bank said the higher-than-expected US inflation number weighed on Gold.<\/p>\n

\u201cGold prices came under pressure after the US inflation print came in higher than expected. This led market pricing for a June rate cut to decline from 93% to 77%. The FOMC has said it needs more evidence to see inflation heading towards the 2% target before it starts cutting interest rates,\u201d the ANZ economists said.<\/p>\n

Monetary policy crucial<\/strong><\/h4>\n

\u201cEasing monetary policy will be crucial to push Gold prices higher.\u201d<\/p>\n

The strong rise in the price of Gold since the beginning of March has been facilitated by purchases on the part of speculative financial investors, analysts at Commerzbank said.<\/p>\n

According to the CFTC statistics on market positioning published on Friday, the net long positions of speculative financial investors rose to 109,800 contracts in the week up to and including March 5, which almost doubled and corresponded to purchases of the equivalent of 167 tons of gold on the futures market within a week.<\/p>\n

\u201cAs the Gold price has risen by a further 3% since the reporting date, speculative net long positions are also likely to have increased again,\u201d the Commerzbank analysts said.<\/p>\n

\u201cHowever, this also increases the setback potential for the Gold price should these short-term oriented investors take profits. One trigger could be the US inflation data, surprising to the upside and thus putting a damper on expectations of interest rate cuts.\u201d<\/p>\n

The Commerzbank analysts concluded that the Relative Strength Index (RSI), which has risen to an extremely high level, also calls for caution, indicating a short-term overshooting.<\/p>\n

(Source: OANDA)<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold’s price decreased by 1.1% following a higher-than-expected US inflation report. Economists from TD Securities predict that the price of gold may decrease further to a range between ,025 and ,100. The February Consumer Price Index (CPI) showed core inflation at 0.4% month-over-month, reaching 3.8% year-over-year, and headline inflation also increased by 0.4% month-over-month to 3.2% year-over-year. This inflation data suggests the Federal Reserve may not reduce interest rates soon. Despite this, TD Securities still sees potential for gold to reach a ,250 target in the second quarter if economic data continues to weaken. ANZ Bank economists also noted that the unexpected US inflation figures have negatively impacted gold prices, affecting market expectations for a rate cut in June. Commerzbank analysts attribute the recent rise in gold prices to speculative financial investors, with net long positions in gold futures increasing significantly. However, they caution that higher-than-expected US inflation could lead to a decrease in gold prices, especially if speculative investors decide to take profits.<\/p>\n","protected":false},"author":4,"featured_media":4044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1610,372,52,373,53,1304,1752,67,899,374,1125,1401,54,34,55,1033,1400,375,380,802,57,651,18,1303],"class_list":["post-4043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-evidence","tag-fed-rates","tag-federal-reserve","tag-fomc","tag-gold","tag-gold-price","tag-gold-prices","tag-inflation","tag-interest","tag-interest-rate","tag-interest-rate-cuts","tag-interest-rates","tag-marketpulse","tag-markets","tag-oanda","tag-prices","tag-rally","tag-rate-cut","tag-us","tag-us-cpi","tag-us-fed","tag-us-inflation","tag-world","tag-xauusd"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nGold poised to hit $2,250 Q2 target, say economists<\/title>\n<meta name=\"description\" content=\"Gold. 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