Bank of America downgrades gold, silver prices for 2023 as Fed rate hikes keep investors away BankofAmerica gold silver
- The Federal Reserve's solidly hawkish stance on monetary policy is sapping momentum from the goldgold market, with one bank seeing prices holding relatively steady through the rest of the year.
"With scope for another two policy rate increases, the yellow metal should remain capped for now," the analysts said. The bank's downgrade comes as positive labor market data has weighed on gold, which is currently trading around $1,916 an ounce, down 0.50% on the day.. Silver is currently underperforming gold with prices trading at $22.68 an ounce, down 2% on the session.
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