Analytics

The IMF recently released a forecast for a global recession in 2023. The decline in economic growth is observed, including in the United States. The fact is that the Fed is raising interest rates to reduce inflation, but lending is becoming more expensive.

Around the world, there has been an increase in the popularity of gold investment bars and coins. The Perth Mint in September sold 88.5 thousand ounces of gold, which is 4% higher on a monthly basis and 36% on a 3-month basis, but at the same time lower by 10% on an annualized basis.

Central banks bought less gold in August than in previous months, despite lower prices for precious metal in the summer, according to the World Gold Council.

According to foreign analysts, the behavior of the precious metal over the next few weeks will play a key role in determining where the course will end up at the end of the year. Everything will depend on US employment and inflation data, as gold usually rises in price amid escalating geopolitical instability and market volatility.

The Silver Institute said that the volume of such a share is 4-6%. This data comes from a leading consulting firm.

The gold market suffers from a lack of upward trend due to an increase in interest rates. This circumstance forced one Canadian bank to lower its forecasts for gold and silver quotes.

In China, the demand for precious metal has increased over the past two months, despite the introduction of quarantine restrictions in some cities. The indicators of the withdrawal of precious metal from the Shanghai Gold Exchange in August and the volume of imports for July increased.

The gold market suffered due to the aggressive monetary policy of the Fed, which led to higher bond yields and the American currency index. However, the French bank Société Générale believes that it is better not to sell gold from its portfolio against the background of current conditions, given the high level of instability.

The multinational corporation "Standard Chartered" believes that precious metal cannot now rise in price due to a certain set of circumstances, but the depreciation will be uncritical.

The global gold reserve for July grew by 37 tonnes, up from 64 tonnes in June, according to the World Gold Council. Consequently, since the beginning of the year, the cumulative indicator has exceeded 300 tons.