Analysts forecast drop in gold price
BAKU, Azerbaijan, Nov. 12
By Nargiz Ismayilova – Trend:
The uncertainty is again growing on the international currency exchanges amid the US-China trade agreement, Brexit and other economic and political risks, Trend reports referring to the Azerbaijani InvestAz investment company’s weekly report on the trends in the global financial and energy markets.
This testifies to the depreciation of the exchange rates of leading currencies against the US dollar. The statistics data on the services sector in the Eurozone and the US can also affect the situation.
It is also known that Federal Reserve Chairman Jerome Powell will deliver a speech on the economic expectations and new plans in the Congress on Nov. 13-14.
The risks growing amid the early parliamentary election in the UK resulted in the depreciation of the exchange rate of British pound against the US dollar.
The data on UK’s economy will be published on Nov. 13. The data is expected to testify to a slowdown in the economic development, which in turn will be another factor in the weakening of the British pound.
An increase in the exchange rate of the US dollar on the world currency exchanges also resulted in the exchange rate of the US dollar against the Turkish lira.
Thus, it is assumed that the exchange rate may grow up to 5.82 Turkish liras ($1.1).
Oil and other energy resources
The price per barrel of European Brent crude oil last week ranged from $63 to $61 on the energy exchanges and this price is projected to remain this week.
The analysts are also waiting for the data on oil and gas reserves in the US, which will be published on Nov. 13. They think that these data can have a strong impact on energy prices on commodity exchanges.
The price of gold in the non-ferrous metals markets for the week lost up to 4 percent. The further changes will depend on the US president’s statements on Nov. 12 about future economic relations with China.
Although the price per ounce is maintained at $1,456 ($46.8 per gram), it may become cheaper under current conditions.