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The rise of gold depends on the momentum of inflation supporting at a key level.
Sep 8,2020 16:33CST
Source:Gold headlines
The content below was translated by Tencent automatically for reference.

SMM Network News: the gold market continues to fluctuate at a low level, and the spot gold price is maintained at around $1930 / oz.

For the precious metals market as a whole, the huge global uncertainty under the epidemic is a concern on the one hand and inflation on the other.

Daniel Pavilonis, senior market strategist at RJO Futures, said rising inflation could mean low real interest rates and long-term support for gold and silver.

Gold prices have been in a state of consolidation since breaking new records in August, unable to get more action energy, but gold prices remain around the key 50-day moving average, showing relatively strong momentum.

"any fall in the price of gold will attract bargain buying. Gold prices are likely to climb slowly, and the focus now is whether the rise in inflation can be brought under control. "

Pavilonis noted that gold prices are expected to move towards the $2300 / oz mark by the end of the year.

In addition to inflation, November's US election is also a risk event that markets have to focus on, which will affect gold's performance for the rest of the year.

"if the Republicans win in Congress, they will cut spending, and if the Democrats win, especially if Biden wins the election, then they will raise taxes, so in either case, gold will be supported."

Pavilonis said that if inflation starts to rise and manufacturing starts to pick up, then silver prices will also rise.

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