Azerbaijani analysts: Gold begins to rise in price again
BAKU, Azerbaijan, March 30
By Eldar Janashvili - Trend:
The price of an ounce of gold on non-ferrous metal exchanges began to rise again, providing support at around $1,638 ($52.6 per gram), Trend reports referring to the weekly report of Azerbaijan’s InvestAZ investment company.
According to the report, having exceeded $1,643 ($52.8 per gram), the price of gold can rise to 1,648 ($53 per gram) and even up to $1,703 ($54.8 per gram) per ounce.
Analysts of the InvestAZ also presented the current state of international financial markets and short-term forecasts.
Following the news on the adoption of economic development package by the US government on international currency exchanges, there has been a decline in dollar prices compared to leading currencies. This leads to a decrease in demand for the US dollar as a reserve currency.
The EUR / USD rate has been following an uptrend for the last week; it is forecasted that it can rise in price to $1.14, while it remains above $1.10.
Moreover, the investors will focus on inflation indicators from the eurozone, which will be announced at 13:00 (GMT+4) on March 31, and labor market indicators from the US at 16:30 on April 3.
There is also a rise in the price of GBP / USD rate. Here the analysis gives reason to predict that the pound may rise in price to $1.3 by the strengthening above $1.14.
Important indicators of economic development will also be announced from England at 10:00 on March 31.
The USD / TRY rate continues to feel strong support at 6.5 liras, while it remains above this level, it is forecasted that the rate may reach 6.61 liras.
On energy exchanges, the price of a barrel of Brent crude oil is trading at $24 per barrel and is forecasted to continue to fall in price, while remaining below $27. The main factor leading to a fall in prices is a reduction in turnover in the global economy, which also reduces the demand for oil.