If inflation picks up, so will the price of gold, analyst says
Gold (GC=F) has seen quite the run in 2024 and is set for its best week since early April. The commodity is often viewed as a hedge bet against inflation, but could all that change if the Federal Reserve decides to cut interest rates?
Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino joins Catalysts to discuss the momentum behind gold futures and what it means for both the Fed and gold traders
Iaccino speculates on gold's future movements: "If inflation is picking up again, which I believe it is, gold will rally as a function of asset inflation."
He continues: "When you look at asset inflation that comes with it, those of us that own assets like gold, we benefit from that. So my target for gold is about 4.8% higher from here. Very specific: $2,491 [per ounce]. If you get to $24,91, the speculator will probably push it to $2,500 just because they like those numbers."
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Видео If inflation picks up, so will the price of gold, analyst says канала Yahoo Finance
Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino joins Catalysts to discuss the momentum behind gold futures and what it means for both the Fed and gold traders
Iaccino speculates on gold's future movements: "If inflation is picking up again, which I believe it is, gold will rally as a function of asset inflation."
He continues: "When you look at asset inflation that comes with it, those of us that own assets like gold, we benefit from that. So my target for gold is about 4.8% higher from here. Very specific: $2,491 [per ounce]. If you get to $24,91, the speculator will probably push it to $2,500 just because they like those numbers."
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
Видео If inflation picks up, so will the price of gold, analyst says канала Yahoo Finance
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