Gold Price Forecast: Lasting recovery of XAU/USD likely to be postponed – Commerzbank Gold XAUUSD Fed InterestRate Banks
Following the meeting last week, we now anticipate one further rate hike in July, with rate cuts not set to follow until the second quarter of next year . This is also likely to postpone any sustained recovery of the precious metal.
Our revision signals that we regard any further upside potential to be limited for the remainder of the year. This doesn’t mean we generally don't see any upside, however: we still expect the Fed to have reached its peak interest rates in the near future and then to gradually begin preparing the market for an interest rate turnaround. Accordingly, we are sticking with our forecast for next year, when we expect the Gold price to achieve a new all-time high of around $2,100.
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