April 28, 2023: Gold Performance Insights

Gold falls, awaiting essential data.

Gold prices fell on Friday, affected by the economic data released yesterday. After US GDP and unemployment data were released, prices fell below $2,000 per ounce. However, prices are expected to achieve a second consecutive monthly gain, as continued economic concerns and general weakness in the dollar have pushed investors towards safe assets this month, with markets now focusing on the upcoming meeting of the US Federal Reserve next week. Investors are awaiting data on March’s core Personal Consumption Expenditure Index, scheduled for 12:30 GMT.

Gold prices now:

Gold futures fell by 0.22% to $1,994, while spot gold fell by 0.11% to $1,986 per ounce.

Bank of America: This holds gold from achieving the $2,500 dream!

With central banks continuing to buy gold and the acceleration of the removal of the dollar, and with the Federal Reserve ceasing to raise interest rates, gold only requires a small amount of buying from new investors to jump toward $2,500 this year, according to Bank of America (NYSE: BAC).

The bank’s commodities analyst said in a note on Tuesday that flows to exchange-traded funds will be critical in determining whether price gains can be maintained.

According to the note, the bank sees the cycle of keeping interest rates high ending soon despite rising inflation, indicating that actual interest rates could become fewer headwinds for gold.

“Affected by recent banking turmoil, markets are pricing in imminent rate cuts. At the same time, core inflation was stable and high price pressures,” the note continued. “This confirms our long-standing view: central banks have no magic solution to fight inflation, which could lead investors to return to gold.”

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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