Gold prices are rising: what’s behind the trend
12 June 15:23
Gold prices are rising slightly on Friday, June 12, amid a drop in oil prices driven by hopes for a peace deal between Iran and the United States. However, the precious metal may end its second consecutive week in the red due to expectations of higher interest rates. This is reported by "Komersant Ukrainian" citing Reuters.
The spot price of gold rose 0.28% to $4,225.72 per troy ounce.
“Gold’s dynamics are driven by statements from the U.S. president, but inflation remains the decisive factor: markets are expecting the ECB to raise rates and are also counting on similar moves from the Fed to follow,” said Peter Fertig of Quantitative Commodity Research.
“The next move will depend on how sharp the rise in inflation turns out to be,” the analyst added. “If it continues to accelerate in the coming months, the $4,000 mark could be breached.”
U.S. President Donald Trump decided not to carry out the planned bombing of infrastructure targets in Iran on Thursday and said that a peace agreement with Tehran could be signed as early as this weekend at a meeting in one of the European countries. However, Iranian authorities claim they have not yet made a final decision. Meanwhile, ANZ analysts have lowered their gold price forecast for the end of 2026 by $400 to $5,200, citing market volatility. The focus is on the Fed meeting, which will take place on June 16–17 and will be the first under the leadership of new Chair Kevin Warsh.
Meanwhile, the price of palladium jumped 3.46% to $1,312.94 per ounce.
Silver rose 0.11% to $67.43 per ounce, and platinum rose 0.33% to $1,725.56.
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