Gold closed higher this Wednesday (13), amid the weakening of the dollar abroad and the consolidation of expectations for interest cuts by the Federal Reserve (Fed, the US central bank) in June.
On Comex, the metals division of the New York Mercantile Exchange (Nymex), gold scheduled for delivery in April ended the session with an increase of 0.68%, at US$ 2,180.80 per troy ounce.
Chief Market Economist at Spartan Capiral, Peter Cardillo analyzes that precious metals recovered in this session and could enter a new rally, with the potential to raise gold to US$ 2,250 per troy ounce.
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Last Tuesday (12), the yellow metal fell sharply, following a strong reading of US consumer inflation (CPI), which cast doubt on the market about the Fed’s next steps. However, the The market appears to have consolidated the majority expectation of interest cuts in June (65.4%), according to the CME Group’s monitoring tool. According to the Wall Street Journal, this scenario and persistent geopolitical tensions also contributed to Wednesday’s rally.
On the other hand, ANZ argues that the rally has already outpaced macroeconomic and geopolitical fundamentals, making a further pullback in gold prices likely in the near term. For the bank, investment demand and physical market movements will be fundamental to the direction of the metal’s price in the second half of 2024. “The technical survey suggests that recent consolidation could end in a healthy price correction towards the US $2,100 per troy ounce,” ANZ predicts.
