The price of gold could soar to $2,600 an ounce as lower interest rate expectations make it more attractive compared to other asset classes like bonds or equities.
Analysts are forecasting further increases over the next year, driven by expectations of a shift in US monetary policy, with UBS predicting gold prices could reach $2,600 by 2024.
Tom Price notes that the market expects Jerome Powell to shift from an 'inflation targeting' approach to a 'growth management strategy' which might lower rates to support growth.
RBC Capital raised its gold price forecast to $2,480 by year-end and $2,600 by mid-2024, predicting gold will remain above $2,000 an ounce until at least 2028.
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