Commerzbank expects inflation concerns to lift the gold price up to $2,000/oz by the end of the year, as reported by Reuters.
Commerzbank also sees silver price rising to $30 per troy ounce end-2021 and forecasts palladium at $2,800 per troy ounce.
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Gold Price Analysis: XAU/USD slides below $1,850 level, fresh one-month lows.
“Gold continued losing ground through the mid-European session and dropped to fresh one-month lows, below the $1,850 level in the last hour,” notes FXStreet reported Anil Panchal. “This marked the second consecutive day of heavy selling and was dragged the XAU/USD further away from the near five-month tops touched on May 1.”
Silver Price Analysis: XAG/USD flirts with two-day lows, around $27.75-70 area.
“Silver extended the previous day’s retracement slide from one-and-half-week tops and witnessed some follow-through selling on the first day of a new trading week,” says FXStreet analyst Haresh Menghani. “This marked the second consecutive day of a negative move and dragged the commodity to two-day lows, around the $27.70 region during the early European session.”