The price of Gold has traded in a narrow range so far this year. ING economists analyze the prospects for the yellow metal.
Downside risks revolve around US monetary policy and dollar strength
We expect Gold prices to rise this year, as Safe haven demand remains supportive amid geopolitical uncertainty with ongoing wars and upcoming US elections.
We expect prices to average $2,150 in the fourth quarter and $2,081 in 2024, assuming the Fed begins cutting rates in the second quarter of the year and the dollar weakens.
Downside risks revolve around US monetary policy and the strength of the Dollar. The hypothesis of a stronger dollar for longer could weaken gold prices.
Source: Fx Street
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