Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- The gold market has room to fall further and even test support at $1,800 an ounce after falling below $1,900 for the first time since March; however, any short-term weakness does not change the long-term fundamental bullish outlook for the precious metal, according to one market analyst.
Spot gold prices last traded at $1,864.10 an ounce, down 0.58% on the day. At the same time, 10-year bond yields are currently trading near fresh 16-year highs at 4.6%. The U.S. dollar index is holding at its highest level in nearly a year, above 106 points. Although the Federal Reserve remains optimistic it can navigate a soft landing for the economy as it chokes off growth with restrictive interest rates, Hansen said that the market is giving off different signals. He noted that the bear steepening in the yield curve continues to point to an impending recession.
"In my book is incoming stagflation and that's been holding gold up at these levels,” he said."We have said before, but now is the time to be patiently bullish on gold.”
France Dernières Nouvelles, France Actualités
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