Gold traded around $1,825 an ounce on Tuesday, holding near its lowest levels in two weeks, pressured by US Treasury yields that remain at elevated levels. The metal also failed to hold on to intraday gains on Monday when the UK, US, Japan and Canada officially banned new imports of Russian gold, in a move seen as largely symbolic as Russian exports to the west have already dried up. Gold is currently trading more than 10% off its year-to-date high amid expectations that major central banks will continue to aggressively raise interest rates to target runaway inflation, even at the risk of an economic recession. Although gold is widely considered as a hedge against inflation and economic uncertainties, higher interest rates raise the opportunity cost of holding non-yielding bullion.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on June of 2022.
Gold is expected to trade at 1846.09 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 1907.08 in 12 months time.