Gold price remains stable ahead of the US Federal Reserve (Fed) meeting and interest rate decision, and is changing hands at $1,784, down 0.1 percent at the time of writing. Meanwhile, the famous bank JP Morgan gave its forecasts for the next year.
JP Morgan made a prediction for the price of gold: $ 1,630 in 2022!
American investment bank and financial services company JP Morgan, headquartered in New York, maintains the downward trend for gold and silver prices in its latest forecast, predicting an average price of $ 1,630 per ounce for gold and $ 20.48 for silver in 2022. “We expect a higher reassessment of long-term US nominal returns to weigh on gold over the medium term,” the US bank said in the latest analysis.
Citing analysts monitoring the Commodity Futures Trading Commission (CFTC) data from Kitco on the same line, the bank said, “Federal Reserve Chairman Jerome Powell’s hawkish comments continue to steer hedge funds away from gold and silver.” took. “The latest data shows gold sentiment is at its lowest point since late October as funds liquidate bullish positions,” Kitco said. While investors taking bearish positions in the precious metal are poised for more gains through 2022, this week’s US Federal Reserve (Fed) monetary policy meeting will be the key to watch for clearer directions.