The price of Gold again fell to the level of $1,892 per ounce.
US inflation has been rising in recent weeks, and traders are waiting for confirmation from this week's data on strengthening price levels. This is expected to have a mixed effect on Gold. On the positive side, the precious metal is perceived as a means of protection against inflation, so the higher the figure, the more attractive the asset will be. At the same time, rising inflation will raise concerns about the Fed's spending cuts. Gold is forecast to hover between $1,860 and $1,900, with last week's high of $1,917 an ounce unlikely to be retested in the coming days.
The World Gold Council recently published fresh data on the gold reserves of global ETF funds, whose shares are backed by physical precious metals. From them, it follows that in May of the current 2021, funds increased by 61.3 tons. Thus, the total gold reserves of ETF funds currently amount to 3,628 tons worth 222 billion US Dollars. The movement of funds to exchange-traded funds is an important indicator of the state of the precious metals market. Recall that at the beginning of the year, there was a continuous outflow of funds from the ETF for several months.
Forex trading. Gold exchange rate forecast for today, June 9, 2021
In the forecast, the price of Gold is expected to decline to the levels of 1890, 1885 and 1875 Dollars per ounce.