Gold to leave behind its $1,700-$2,000 range, eyes on gold-copper ratio as Fed pivots gold copper commodities
Gold is gearing up to leave its $1,700-$2,000 an ounce range as the Federal Reserve sets the stage for a pivot at some point this year, according to Bloomberg Intelligence.
In his latest analysis, McGlone looked at the copper-gold ratio and the U.S. treasury yields curve to get more insight into the precious metal. Gold is currently the top candidate to outperform copper, especially when the Fed pauses or starts cutting rates in 2023, McGlone pointed out. At the time of writing, February Comex gold futures traded at $1,906.40, down 0.18% on the day.
"Base metals outperforming broad commodities is normal in tightening periods … The recent rate spike may be more offsides than the short-lived tightening period to the 2019 high," McGlone added.
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