① Since the beginning of the year, spot gold prices have risen by more than 15%, silver prices have risen by nearly 25%, and platinum prices have risen slightly more than 7%; ② Many strategists still believe that precious metals may continue to rise from the current level and set a new historical record.
Financial Services Association, May 17 (Editor Zhao Hao) Precious metals prices made their own gains on Wednesday (May 15). The US inflation data released on that day slowed as expected, boosting market confidence in the Fed's earlier interest rate cut, suppressing the US dollar while boosting precious metals denominated in US dollars.
According to the data, the year-on-year increase in the US consumer price index (CPI) in April slowed from 3.5% to 3.4%, and the core index slowed from 3.8% to 3.6%, all in line with expectations. Retail sales announced at the same time were the same as last month, far lower than the 0.4% increase previously anticipated by the outside world, indicating signs of a clear cooling on the consumer side.
Affected by the data, spot gold prices closed at the highest level in nearly a month, falling slightly to around $2,380 per ounce on Thursday; silver hit a new high in more than three years, approaching the $30 mark; platinum once climbed to a peak of nearly a year and has now fallen back to $1,058 per ounce.
Since the beginning of the year, spot gold prices have risen by more than 15%, silver prices have risen by nearly 25%, and platinum prices have risen slightly above 7%. In response, many strategists still believe that precious metals may continue to rise above the current level and set new historical records.
A strategist at Saxo Bank of Denmark wrote in the research report that the price of gold may soon test the level of 2,400 US dollars, silver may rise to 30 US dollars, and platinum has the potential to reach 1,130 US dollars. The bank said that reality continues to be close to the “Year of Metals” theme anticipated at the beginning of the year.
Analysts at ROTH Capital Partners in the US also believe that gold and silver prices will rise further in the next few months. In last weekend's report, chief technical strategist JC O'Hara mentioned that gold seems ready to strengthen and will break through the high level set in April. “Technically, we have set an upward target price of $2,600.”
For silver, O'Hara said that if the price can break through $30, there will be little resistance until it reaches the $35 to $37 area.
However, not everyone expected the precious metal to continue to strengthen. Ewa Manthey, commodity strategist at ING Bank of the Netherlands, said in a report earlier this month, “The Federal Reserve will continue to take a cautious approach. Furthermore, geopolitics have been factored into the current price, and gold prices may ease somewhat this quarter.”
Manthey expects the average price of gold to be around $2,250 per ounce in the second quarter and $2,218 for the full year of 2024.