Gold faces 10 months of headwinds from hawkish Fed while silver gets strong support from Europe - Heraeus
Monday’s latest report from the precious metals research firm said that Federal Reserve Chair Jerome Powell’s renewed hawkish outlook following the July meeting, combined with encouraging data for the US economy over the past month, has raised expectations for more interest rate hikes.
They note that the yellow metal has weakened as market uncertainty from the U.S. regional bank collapses in May has dissipated. “The gold price is down 7.8% from its peak during that time and closed last week’s trading at $1,919/oz after successfully defending $1,900/oz – a technical support level,” they wrote.
Turning to silver, the Heraeus analysts see strong demand from Europe driven by burgeoning investment in solar energy.
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