Although the price of Bitcoin rose in the first few days of October, the price of the precious metal gold also rose by a percentage point as the US dollar and the country’s ten-year Treasury yield fell in value last week. One ounce of fine gold has been exchanged at ১ 1 per weekend for this weekend, an increase of 1.320% from 2nd weekend.
Gold has risen more than 1% this past week, with the rise of the metal responsible for a softer dollar, fear of U.S. defaults, the Fed’s upcoming Kiwi and benchmark rate decisions
Since the end of September, clockwise, Bitcoin (BTC) and the crypto-economy have seen billions of funnels return to the crypto market. Today, the entire crypto-economy is valued at about ২ 2.223 trillion and BTC is worth ০ 90,009 billion or 1% of that total.
Gold, on the other hand, was passive in terms of percentage gains, but the wealth has risen 1.3% in the last six days. Gold bugs, speculators and precious metals (PM) market analysts pointed to a softer dollar last week to push up the price of the shiny yellow metal.
Over the past week, both the dollar index and U.S. Treasury yields have depreciated and the PM has seen significant demand from other Fiat currencies. Moreover, market participants are concerned about the Federal Reserve’s move, as discussions of a massive asset purchase reduction each month and an increase in the benchmark rate next year have created tension among investors.
In addition, the U.S. has run out of funds, raised its debt ceiling, or possibly defaulted on the market. Mark Chandler, chief market strategist at Bancburn Global Forex, explained that investors could not imagine the United States defaulting on its debt.
“More hawkish stance is seen as the main reason for the dollar’s rise in late September,” Chandler commented this weekend. “Immediately, however, monetary policy is the focus, although investors seem to be looking at it, as many believe the United States will default on it,” the market strategist added.
On the other hand, analysts at schiffgold.com explain that ” [Federal Reserve] In a research post titled “US debt is clearly monetizing”[the] The Fed exploited -5 60 billion in 1-5 year U.S. Treasury in September.
“The Fed has monetized a large percentage of debt issued since January 2020. The focus is clearly on notes and bonds to keep track of long-term rates,” schiffgold.com reported in an October 1 Fed study. “The Fed may talk about tapering and even try to do it, but they will inevitably reverse the course and start expanding their balance sheet by more than 120. [billion] One month. “
FX Empire rejects year-end gold price forecast
Despite this 1.3% jump last week, FX Empire said the forecast for gold at the end of the year was wrong. “[We’re nixing] Our gold forecast is high at 2,401. We are wrong and not even close. Duration, “FX Empire is strictly mentioned. Although there are still a few months left, FX Empire explains that it is unreasonable to assume that gold will reach $ 2,401 at this point in the game.
Mark Mid Bailey, author of FX Empire, insists, “Because we are quantitatively driven, excluding anything that happens in horrific shapes, gold is expected to reach $ 2,000 by the end of the year, without যুক্ত 2,401, beyond any reasonable limit.”
The author added, “Gold has just started Q4, settling in the seventh week of yesterday (Friday) at $ 1,761, (after fixing Q3 at 75 3,758 on Thursday).” Bailey added, “36.3% price increase is required to reach $ 240001 on the remaining trading days of the year.” FX Empire Analyst continues:
It is like this now [a] gold Has there ever been a percentage increase in the price of gold in the interval of days? Absolutely. Apparently 1 was the infamous run from 19792 to 1980, with a similar move in 122; But gold prices did not rise by at least one percent until 2009.
What do you think about the recent 1.3% rise in gold prices and the FX Empire year-end gold forecast? Let us know what you think about this in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, goldprice.org, FX Empire, Trading View,
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