Gold ended around $1750 an ounce level on Friday, close to levels not seen in a month, and booking a 1.9% fall on the week, amid a dollar surge ahead of the FOMC meeting next week. The bullion dropped for a second consecutive week as traders await more details from the Fed next week on when tapering will begin. Recent data for the US painted a mixed picture. The Michigan consumer sentiment was slightly below expectations, raising fresh questions about the pace of economic growth and the inflation outlook. Also, retail sales unexpectedly grew in August while the number of Americans filing new claims for unemployment benefits rose to 332K last week from a pandemic low of 312K. Meanwhile, the spread of the Delta variant and worries over the impact it will have on the economic recovery capped some losses.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on September of 2021.
Gold is expected to trade at 1765.70 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 1701.34 in 12 months time.