After experiencing a moderate increase last week, the price of Gold is now trading in the area of $ 3022 in the European session on Monday (3/24).
The price of Gold is benefiting from the weakening US dollar, increasing central bank demand, and concerns about the potential for universal US tariffs, Deutsche Bank analysts said in a note. China, in particular, drives a larger portion of central bank demand, namely 48%, Deutsche Bank said.
The increase in bank demand is greater than the shrinking global jewelry demand, which is expected to be at its lowest level since 1989 amid record high prices, the analysts wrote. There are increasing efforts to import gold into the US ahead of the potential universal tariffs, while higher US federal debt is expected to increase prices further, the analysts added.
Source: Newsmaker.id
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