Last week, precious metals markets remained in high demand due to market sentiments regarding additional rate hikes by the Federal Reserve in the coming months to combat high inflation. The inflation rate remains elevated, and January PCE data indicates. The PCE increased by 5.38% in January compared to the same month last year, and it continues to advance at a monthly rate of 0.5%. Inflation is a concern of higher gold prices, but central bank buying of the metal is also a source of high gold prices. The high inflation in the economy suggests that any pullback in the gold market must be treated as a strong buying opportunity. Due to geopolitical tensions and fiat currency risk, central banks see the need for hard currency in reserves. According to the World Gold Council, central banks purchased 31 tonnes of gold in January, representing a 16% monthly increase. China is the leading purchaser of gold reserves. In 2022, central banks increased their gold reserves by 150% compared to 2021. According to the World Gold Council, the monetary gold demand will continue in 2023. Gold market analysis The gold market has established a solid bottom near $1600 and continues to rise. […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
