Forex. Gold exchange rate forecast for today.
The banking metal is still very sensitive to the US dollar and inflation risks. The growth of inflation indicators and the appointment of Jerome Powell to the post of head of the US Federal Reserve for another term, makes the US currency strengthen strongly.
In the case of a new wave of growth, the prospect of reaching the maximum value of November last year in the area of $1,876 per ounce may open.
The US stock market ended Wednesday trading lower on the back of negative dynamics from the sectors of finance, technology and consumer goods. At the close on the New York Stock Exchange, the Dow Jones fell by 0.96%, the S&P 500 index fell by 0.97%.
There are also risks of continued inflation growth. In December 2021, consumer prices in Canada increased by 4.8% compared to December 2020 after an increase of 4.7% in November, according to the country's Statistical Office. Relative to the previous month, prices decreased by 0.1%. The indicators coincided with the forecasts of experts. Excluding energy, annual inflation was 4%. Another increase in the inflation rate of one of the largest economies suggests that protective assets such as gold and bitcoin will be in demand again.