Gold and Silver Price Prediction: Analyst Sees More Downside
Market analyst Gareth Soloway predicts further price declines for gold and silver due to rising interest rates and geopolitical tensions. While he expects a short-term bear market, he remains optimistic about the long-term cycle for precious metals.
Why it matters
Market analysis of precious metals provides insight into investor sentiment and economic hedging strategies during inflationary periods.
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Gold and silver are both selling off hard today, and one chart strategist says the drop isn’t over yet. Gareth Soloway, chief market strategist at Verified Investing, says rising tensions in the Middle East are pushing the US dollar and interest rates higher, as oil prices climb. Higher oil tends to push inflation expectations up too, which lifts rates further. That combination is putting direct pressure on both metals.
Gold dropped 1.5% on the day, while silver also took a hit.
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