In particular, since May, the international spot gold price has risen from $1,990 per ounce (1 ounce of gold is about 31.1035 grams) to a record high of $2081.82 per ounce on May 4. The industry generally believes that the current continued rise in gold prices is still affected by the spread of the US banking crisis and the Federal Reserve’s interest rate hike. So, in the second half of the year, the gold price will continue to “surge”?
Data show that in the US market on June 13, the international gold price fluctuated in a narrow range, trading near $1956.84 / ounce. “After two consecutive weeks of gains, gold prices fell modestly. The reason is that with key US economic data due out this week, caution is challenging for gold buyers.” Lin Dahui, a senior gold investment analyst, told the International Business Daily reporter that recently there are rumors that the Federal Reserve will raise interest rates once more, which will suppress short-term gold prices.
“But the trend of gold in the second half of the year should be first down and then up. Although prices continue to rise, the pace should be slower, not as violent as in the first half of the year.” Lin Dahui stressed.
“After a short decline, the Federal Reserve’s expectation of economic recession will promote the gold price to rise in the medium term.” Lin Dahui analyzed.
Regarding the future trend of gold prices, Duan Endian, a precious metal researcher at Dayou Futures, believes that based on historical experience, after the Federal Reserve’s interest rate hike ends, the upward trend of gold prices will be further reflected until the economy shows preliminary signs of improvement after a period of interest rate cuts. From this perspective, the upward trend of gold prices will continue.
China Gold Research report pointed out that gold is expected to create a higher rise in 2023. With the fall in US inflation, it will drive the Federal Reserve to slow down the pace of interest rate hike or even start a rate cut cycle, and the real interest rate is expected to continue to fall; In the context of the current anti-globalization, the global monetary system is facing profound changes, the purchase demand for gold reserves is systematically rising, and the gold price has entered the right upward channel, which is expected to hit a record high, even reaching the level of $2,300-2,500 per ounce.