-As investors get ready to close the books on June, gold is seeing its worst monthly performance since February as prices look to end the week below $1,950 an ounce. The precious metal could continue to struggle as bearish sentiment asserts itself into the marketplace.
Phillip Streible, chief market strategist at Blue Line Futures, said that he was disappointed with gold's price action this past week; however, he added that the selling is understandable after central banks worldwide have increased their hawkish stance on their respective monetary policies."You want to buy gold and silver when everyone hates it," he said."A drop to $1,900 in gold and $20 in silver might be what's needed to bring new investors, new money to the market.
Stanley added that persistently stubborn core inflation will force the Federal Reserve to maintain its hawkish bias, which creates a challenging environment for gold. Despite the bearish undertones in the market, there are still some analysts who are bullish on gold in the near term. Alex Kuptsikevich, senior market analyst at FxPro, said that while rising interest rates have made bonds more attractive than gold, the hawkish bias continues to pose risks for global financial markets.
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