Gold price correction has been pronounced. In the view of Commerzbank strategists, investors in the gold market are likely to remain hesitant after the price decline.
Mid-year gold price forecast drops to $1,800
“Hopes of an end to the rate hike cycle in the near future in the US have proven premature. Gold is currently a good $130 less per troy ounce than it was at the beginning of the month. burnt fingers.”
“In response to the Fed’s steeper rate hikes – we now expect rates to peak at 5.5% – we have lowered our mid-year gold price forecast to $1,800 (was $1,850).”
“However, the second half of the year should see a lasting recovery, as the US economy is then likely to experience a slump that is likely to trigger further rate-cutting expectations. Therefore, we maintain our year-end forecast at 1,950 $”.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
