Despite a progressively tighter monetary policy environment since early 2022, the Gold price posted a surprisingly strong performance. It remained above $2,000 for a significant portion of the last twelve months. TD Securities economists analyze the outlook for the yellow metal.
XAU/USD to average $2,200 next quarter
The Fed's dovish turn, along with another year of record official sector purchases, will fuel a bullish move in Gold later in the year.
The combination of Fed rate cuts in the coming months should prompt investors to increase bullish exposure, and coupled with very strong physical demand and official sector buying is expected to lift prices to an average of $2,200 next quarter.
We expect the price of Gold to reach an average of $2,081 throughout 2024.
Source: Fx Street
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