Gold Price Forecast: XAU/USD holds below $2,000 with peace talks eyed By ross_burland Gold Commodities DollarIndex Ukraine
The gold price fell from a significant level on the weekly chart.Gold suffered heavily amid better risk sentiment on Wednesday. The precious metal fell back below $2,000/oz after it had reached a 19-month high at the start of the week.
Fighting continued as a Russian airstrike badly damaged a children's hospital in the besieged Ukrainian port city of Mariupol on Wednesday. However, risk sentiment improved as oil prices fell heavily after the United Arab Emirates said the OPEC member would support boosting output. Brent oil plunged from $131.50bbls to a low of $105.91bbls. At the start of the week, the price had reached a high of $138.
''Direct implications of the conflict on growth are more limited in the US, but indirect implications could be more relevant as ongoing disruptions to supply chains could have a spillover effect, while inflation is also likely to act as a tax on consumers,'' the analysts added.will have to walk a tight-rope between its unemployment and inflation targets.
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