According to CNBC on the 16th (local time), U.S. inflation indicators came out lower than expected, raising expectations that the Federal Reserve might lower interest rates sooner. This has led to an upward trend in the prices of gold and other precious metals.
Gold prices reached a three-week high on the 15th and saw a slight adjustment on the 16th, trading at $2,382 per ounce.
Spot silver rose to $29.73 per ounce during trading on the 15th, the highest level since February 2021. It then saw a slight decline, trading at $29.54 per ounce on the 16th.
Platinum increased by 2.4% on the 15th and continued to rise by 0.7% on the 16th, reaching $1,077 per ounce, the highest level in nearly a year.
In a recent report, Danish investment bank Saxo Bank predicted that gold prices could soon surpass the $2,400 per ounce level. They also forecasted that silver could rise to $30 per ounce and platinum could reach $1,130 per ounce.
Saxo Bank stated that "This is the year of metals," and noted that this theme has been gaining momentum over the past few weeks.
JC O'Hara, head of technical strategy at ROTH Capital Partners, also expected gold and silver prices to rise further in the coming months.
He said, "Gold prices are expected to rise further and surpass the recent high recorded in April. A target price of $2,600 can be set."
Additionally, he predicted, "If silver surpasses $30, there will be little resistance up to around $35 to $37."
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