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Gold, silver, and platinum forecast - the market lacks catalysts, gold's trend is flat, silver has significant growth, and platinum continues to rebound.
Traders are waiting for a catalyst, with gold closing around $2,330; as the gold/silver ratio falls below 78.50, silver prices are moving towards the $30.00 level; platinum continues to attempt to break through resistance levels of $975-$985.
Shengbao banks predict that gold and silver will go through long-term consolidation but prices will ultimately rise.
Despite gold and silver hovering at high levels, Ole Hansen, the head of commodity strategy at Saxo Bank, remains bullish on the long-term trend of metals.
Global central banks are keen on buying gold! The willingness to increase holdings has reached a five-year high, Goldman Sachs is bullish on the gold price reaching $2,700.
According to the survey results, Central banks of various countries increased their gold reserves by 1,037 tons in 2023, the second highest annual purchase volume in history. Previously, the record was set in 2022, which purchased 1,082 tons of gold.
Gold, silver, and platinum forecast - with the decline in government bond yields, metals rebound.
The gold price continues to consolidate above the support level of 2295-2305 US dollars; silver is attempting to break through the level of 29.50 US dollars. Platinum is testing the resistance level at 975-985 US dollars.
Express News | Gold is the best tool to hedge against inflation risks related to the US elections, according to Goldman Sachs analysts.
Silver's 'hard times' are not over yet! Well-known institutions' analysis on silver trading: Silver prices may still have a large space for correction.
On Tuesday, June 18th, during the Asian session’s closing, the spot silver maintained its intraday decline, and the silver price is currently around $29.35 per ounce.