Gold has ended its 5-week winning streak, but it can still increase
Gold ended a five-week winning streak on Friday, but its rally is likely not over yet as favorable factors such as demand from central banks continue, even as a wave of net withdrawals continues. from gold ETFs began to reverse.
Gold prices increased 0.3% to 2,348.75 USD, but fell sharply earlier this week as Middle East tensions are showing signs of being contained.
Morgan Stanley said that the road ahead for gold prices will be volatile but more likely to bearish instead of reversing. They forecast a higher likelihood of their bullish price scenario occurring, with gold reaching $2,760/oz in the second half of the year, rather than falling to $2,000/oz.
Although the factors pushing up gold prices show no signs of cooling down, the macroeconomic outlook, in which US inflation seems to be more persistent, causes interest rates to remain at higher levels for a long time. more, causing some to doubt the next rise in gold prices.
"But if economic data remains strong, leading to more persistent inflation concerns, as well as rising geopolitical risks, gold could still be bought regardless," Morgan Stanley said. Thoi added that if the interest rate cut is implemented sooner than expected, this will be another positive factor for gold.
Gold ended a five-week winning streak on Friday, but its rally is likely not over yet as favorable factors such as demand from central banks continue, even as a wave of net withdrawals continues. from gold ETFs began to reverse.
Gold prices increased 0.3% to 2,348.75 USD, but fell sharply earlier this week as Middle East tensions are showing signs of being contained.
Morgan Stanley said that the road ahead for gold prices will be volatile but more likely to bearish instead of reversing. They forecast a higher likelihood of their bullish price scenario occurring, with gold reaching $2,760/oz in the second half of the year, rather than falling to $2,000/oz.
Although the factors pushing up gold prices show no signs of cooling down, the macroeconomic outlook, in which US inflation seems to be more persistent, causes interest rates to remain at higher levels for a long time. more, causing some to doubt the next rise in gold prices.
"But if economic data remains strong, leading to more persistent inflation concerns, as well as rising geopolitical risks, gold could still be bought regardless," Morgan Stanley said. Thoi added that if the interest rate cut is implemented sooner than expected, this will be another positive factor for gold.
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