Engineer Mohannad Abbas Haddadin, GM of Jobkins Center for Strategic Studies, an expert, strategic and economic analyst, said that the impact of geopolitical tensions on the yellow metal has become limited, unlike what it was before, because wars and geopolitical tensions, especially the Strait of Hormuz, came with a difficult global economic situation accompanied by high energy prices, which reflected on the prices of raw materials and the cost of production, especially on from Data centers and industry Chips and others, which required immediate liquidity insurance to maintain that competitiveness at a time when the world is suffering from an uncontrolled inflationary recession, so the temporary solution was to sell some of the Safe Haven, which is gold, which led to a drop in its price.
On the other hand, the disposal of US bonds and the transfer of safe haven gold to some countries from the states also led to the replacement of this with a sale of gold to the United States, in addition, some central banks wanted to cover their budget deficits and repay sovereign debt at this difficult time.
All this overthrew the prices of the yellow metal, which today fell below 4000 dollars per ounce, while its price in the first quarter of this year exceeded 5600 dollars, and unfortunately the prices of silver were linked to gold, as they also fell with it without justification, Silver today reaches less than 60 dollars per ounce, forgetting its importance in the industry and the difficulty of securing the quantities required annually.
The blurring of the global economic situation from inflation of about 4%,the lack of clarity of the main Management Plan of the US Federal Reserve regarding interest rates, and global growth forecasts, which have fallen to 2.5% this year, will make the growth of the global economy far from the target and will lead to the loss of many jobs and a rise in commodity prices, and this will deepen the inflationary recession by the end of this year.
We may be witnessing a difficult situation on the global economy in light of the unresolved Ukrainian crisis, fragile agreements between the United States and Iran, and complex negotiating paths that all affect the agreement concluded between them ,all these tensions may return oil to prices that the global economy cannot bear, especially that the forecast increase in energy demand will increase by 26%by 2035
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