Gold prices steadied around $1,790 an ounce on Friday and were on track for a fourth straight weekly rise, underpinned by a sharp retreat in the dollar following the release of lower-than-expected US inflation numbers for July. This has prompted expectations that the Federal Reserve will tighten less aggressively, with markets now pricing in a higher chance of a 50-basis point rate hike in September versus earlier speculations of a 75-basis point increase. Safe-haven demand for the metal also jumped recently due to simmering geopolitical tensions between China and the US over Taiwan and a highly uncertain global economic outlook. Meanwhile, investors remained cautious as US policymakers indicated their commitment to keep raising interest rates until they see compelling evidence that inflation sustainably declines.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on August of 2022.
Gold is expected to trade at 1794.58 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 1854.93 in 12 months time.