Spot gold was little-changed at $1,870 per ounce on Tuesday, hovering around its highest level since late January, as the US dollar fell to a three-month low and concerns over inflation persisted. The US Federal Reserve’s April Meeting Minutes due on Wednesday will also be monitored for further clarity on monetary policy outlook and policymakers' views on inflation. Aside from the inflation narrative, the precious metal benefited from safe-haven demand amid worsening coronavirus outbreaks in several Asian countries.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on May of 2021.
Gold is expected to trade at 1834.97 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1732.28 in 12 months time.