– Analysts are still watching gold’s $1,850 level closely as inflation pressures start to heat.
Analysts have said that gold is in a sweet spot as more investors look for an inflation hedge.
central bank looking to hold the line on its monetary policy, Melek said that it is only a matter of time before gold prices push above $1,850 an ounce.
“Uncertainty abounds and that that is why the Fed will be hesitant to tighten monetary policy and that will be good for gold,” he said.
Carsten Fritsch, precious metals analyst at Commerzbank, said in a note Friday that rising bond yields hitting 1.7% has held gold back from breaking above $1,850 an ounce.
bond yields climbed to as high as 1.7% , they are still 2.5% lower than the current rate of inflation.