Commerzbank expects gold to rise to $2,000/oz by end of 2021 – Reuters

Eren Sengezer FXStreet

Commerzbank expects inflation concerns to lift the gold price up to $2,000/oz by the end of the year, as reported by Reuters.

Commerzbank also sees silver price rising to $30 per troy ounce end-2021 and forecasts palladium at $2,800 per troy ounce.

Gold Price Analysis: XAU/USD slides below $1,850 level, fresh one-month lows.

"Gold continued losing ground through the mid-European session and dropped to fresh one-month lows, below the $1,850 level in the last hour," notes FXStreet reported Anil Panchal. "This marked the second consecutive day of heavy selling and was dragged the XAU/USD further away from the near five-month tops touched on May 1."

Silver Price Analysis: XAG/USD flirts with two-day lows, around $27.75-70 area.

"Silver extended the previous day's retracement slide from one-and-half-week tops and witnessed some follow-through selling on the first day of a new trading week," says FXStreet analyst Haresh Menghani. "This marked the second consecutive day of a negative move and dragged the commodity to two-day lows, around the $27.70 region during the early European session."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.