In an interview with Al-Arabiya, the trading director of TDR Capital, Seif Kaddoura, expected that the European Central Bank would raise interest rates by 25 basis points at the next meeting.
Kaddoura said that there is a greater possibility that the European Central Bank will fix interest rates at a higher rate than the US Federal Reserve.
He added that more rate hikes by the Federal Reserve are expected.
He explained that it is unlikely that the Fed will fix the interest rate at the present time, due to the reason for Jerome Powell’s always statements that as long as the labor market data remains strong, there is room to increase interest.
And that gold prices are expected to witness more record highs in the coming months at 2180-2300 dollars an ounce during this year or next year.
He stated that the level of $1930 per ounce, which he witnessed during the past days, may be the lowest point that gold will reach in the coming months.
Inflation in the euro area fell to 6.1% last May on an annual basis, which is the lowest level since February 2022.
This decline in inflation exceeded the median forecast, which was 6.3%.
Also, core inflation, which excludes food and energy prices, slowed more than expected to 5.3% over the same period.