The expert predicted fluctuations in prices for precious metals
Prices for precious metals may fluctuate in a wide range this week. The price of a troy ounce of gold is expected to be in the range of $4,700 —5240, and silver - about $ 70-90. Alexander Schneiderman, head of Alfa-Forex's Customer Support and Sales department, told Izvestia on March 16.
He noted that the ongoing conflict in the Persian Gulf increases the risks to the global economy. In particular, there remains the possibility of an energy crisis, which could lead to an acceleration of inflation.
"Against this background, the monetary rhetoric of regulators may shift towards tightening, weakening the positions of gold and silver. During the week, we expect fluctuations in troy ounces in the range of $4,700 —5240 and $70-90, respectively," the expert concluded.
On March 10, Schneiderman assessed the demand for gold against the backdrop of geopolitics. According to him, the corrective movement continues in the precious metals market, but demand for key assets remains stable. Gold and silver quotes remain within the established trading ranges. For gold, this level is approximately $4800-5400, for silver — $ 76-100.
Bloomberg, citing informed sources, reported on March 6 that gold bars began to be sold at high discounts in Dubai amid problems with the delivery of this product caused by the escalation in the Middle East. Traders are offering discounts of up to $30 per ounce compared to the global benchmark index in London.
On March 2, two days after the start of the Israeli-American operation Lion's Roar against Iran, The Wall Street Journal predicted a rise in the price of gold to a record $6.5 thousand per ounce. It was noted that statements by US President Donald Trump about the possible duration of the escalation in the Middle East played a major role in the potential cost increase.
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