Strategist: Gold, silver and platinum prices could head higher | Wilnesh News

Prices for gold, silver and platinum have been rising so far this year, and strategists say the precious metals could continue to hit new all-time highs in the coming months.

Precious metal prices rose sharply on Wednesday as weaker-than-expected U.S. inflation data bolstered prospects for a near-term interest rate cut by the Federal Reserve.

Gold hit its highest level in more than three weeks on Wednesday on the news, while silver hit its highest level in more than three years and platinum climbed to an almost one-year high.

spot gold price Gold prices fell slightly to trade near $2,382 an ounce at 1:25 pm London time on Thursday, after hitting their highest level since April 19 in the previous session. The yellow metal has hit record highs several times in recent weeks.

Meanwhile, spot silver prices fell 0.5% to around $29.54 an ounce. Precious metals, sometimes described as “poorer cousinGold briefly touched $29.73 on Wednesday, hitting its highest intraday level since February 2021.

platinum price Futures for July delivery rose 0.7% to $1,077 an ounce on Thursday, extending gains after closing more than 2.4% higher on Wednesday.

Strategist at Saxo Bank explain In a recent research note, gold prices may soon test $2,400 Levels, silver could climb to $30, while platinum has upside potential to $1,130.

The Danish bank said on Wednesday, “metal yearThe theme has continued to gather momentum in recent weeks, citing its preference for gold, silver and copper.

Separately, analysts at ROTH Capital Partners expect gold and silver prices to move higher in the coming months.

JC O’Hara, chief technical strategist at ROTH Capital Partners, said in a note that gold prices “now appear poised to move higher and break above the recent high set in April. We can set a technical upside price target of $2,600.” research report published on .

For silver, O’Hara said that if prices can break above $30, “there will be little resistance until the $35/$37 area.”

Gold is often considered a “safe haven” asset in times of financial uncertainty, and has been on an upward trend since late 2022 despite high interest rates and a relatively strong U.S. dollar.

Like silver, gold prices tend to fluctuate Inversely related to interest rates. A higher interest rate environment typically hurts demand for gold and silver because the precious metals don’t pay interest, making them less attractive than investments like bonds.

Ewa Manthey, commodities strategist at ING explain In a research report released earlier this month, gold prices are likely to fall this quarter “as the Fed continues to take a cautious approach and geopolitics are factored into current prices.”

Manthey said ING expects gold prices to average about $2,250 an ounce in the second quarter and $2,218 an ounce in 2024. The bank has previously said gold prices could peak at an average $2,300 in the final three months of the year.

—CNBC’s Michael Bloom and Lee Ying Shan contributed to this report.