According to Reuters, Lviv has been attacked today and some people were killed what brings out another increase of prices around the world. Of course the safe haven has risen as well and we’re wondering what will be this week’s high of the yellow precious metal.
Price Of Gold To Rise Further?
Today’s price is as high as it was in March - the precious metal is back soaring, but it’s not sure, how long will the bullish trend last. As we see gold has been trading that high a few times in the last 3 months. The first appearance of definitely bullish gold is the beginning of the warfare so February 24th and March 8th when it was known, that negotiations didn’t took us to Russia-Ukraine ceasefire.
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Fed To Put The Gold Price Down!?
Another factor which has been shaping price of gold over last months is Fed of course. Interest rate was raised by 100bps and hawkish rhetoric may suggest the tightening is not over! The influence of monetary policy is visible on the chart on the left hand side as on January 26th the interest rate was kept on the level of 0.25% and then on March 16th when the huge rate hike was “applied”.
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Price Of Gold (XAUUSD) – 3 Months Chart
Source/Data: Reuters, Investing.com
Charts: Courtesy of TradingView.com