By RoboForex Analytical Department
The impressive streak of gains that gold has been enjoying for the past four weeks continues. This week’s start price for a troy-ounce of precious metal was approximately 1,973 USD.
This increase in the price of gold indicates that the market is looking for a “safe haven” from the effects of the banking crisis, which remains one of the main threats to the global economy. In addition, the US Federal Reserve’s ambiguous stance on the future interest rate makes gold quite attractive to investors.
Last week saw the European banking sector come under increasing pressure. This caused anxiety on stock markets all over the globe. The decline in shares of Deutsche Bank, the largest European bank, was the reason for concern.
Against the backdrop of this uncertainty, gold is again becoming a “safe haven” for the capital market, which makes it one of the most demanding investment assets in the face of economic uncertainty. Some analysts predict that the price for gold will rise further until the financial markets stabilize.
On H4, XAU/USD experienced an impulse of decline up to 1934.24 and growth up to 2003.30. At the moment, there is a consolidation range.