Gold Price Forecast: XAU/USD to enjoy further upside potential until situation eases in Ukraine – Commerzbank

FXStreet Insights Team FXStreet

Gold remains one of the most sensitive assets to changes in risk mood. The developments unfolding in Ukraine are likely to continue dictating what happens on the gold market over the next days and weeks, in the opinion of strategists at Commerzbank.

Gold to ignore NFP report

“Until the situation eases in Ukraine, we envisage further upside potential for gold.”

“Gold remains in considerable demand among ETF investors at present: the gold ETFs tracked by Bloomberg have registered inflows of 34 tons so far this week.”

The official labour market data for February will be published in the US today. We expect them to show another marked increase in the number of jobs created. The labour market data are not likely to have any major impact on the gold price this time.”

See – NFP Preview: Forecasts from 10 major banks, potential for upside surprise

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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