BDSwiss’s Mazen Salhab on Q1 commodities performance, 2024 outlook
Mazen Salhab, Chief Market Strategist, MENA, BDSwiss joins CNBC Africa’s Godfrey Mutizwa for this discussion.
Fri, 17 May 2024 16:18:14 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Gold and silver prices surge due to weaker interest rates globally, increasing demand from China, and a depreciating dollar
- Forecast predicts gold reaching $3,500 an ounce by the end of 2024, driven by central bank policies and market sentiments
- Cautious optimism surrounds commodities markets, with a warning that the bullish cycle's sustainability depends on continued economic growth
Gold and silver continue to shine in the commodities markets as bullish trends persist, according to Mazen Salhab, Chief Market Strategist, Middle East North Africa at BDSwiss. In a recent interview with CNBC Africa, Salhab discussed the impressive performance of precious metals, particularly gold and silver, attributing the success to a combination of factors including weaker interest rates globally, improving demand from China, and the pricing of a weaker dollar. Salhab expressed confidence in gold's potential, forecasting a target price of $3,500 by the end of 2024. He highlighted China's strategic gold buying and anticipated increased demand for industrial metals from the country. While acknowledging the strength in commodities markets, Salhab cautioned that the current bullish cycle may be short-lived if not supported by sustained economic growth. The interview shed light on potential industry consolidation and future market trends, signaling an exciting period ahead for the commodities sector.
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