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- Gold Price Forecast: XAU/USD with limited recovery potential – Commerzbank
Gold Price Forecast: XAU/USD with limited recovery potential – Commerzbank
Gold price began the week by further recovering from its latest dip below the $1,700 mark. However, strategists at Commerzbank see limited recovery potential for the yellow metal.
Risk of more pronounced rate hikes will not disappear
“Besides the weaker US dollar, it is likely being helped by the general expectation that US inflation has cooled for the second month running, suggesting that the peak of inflation is finally behind us. This could dissuade the US Fed from implementing any more aggressive rate hikes – this at least is presumably what the market is hoping for.”
“That said, the potential for the gold price to recover is probably limited given that inflation will remain high, meaning that the risk of a de-anchoring of inflation expectations persists which in turn could cause high inflation to solidify. This also means that the risk of more pronounced rate hikes will not disappear for the foreseeable future.”
See – Gold Price Forecast: XAU/USD bears are not ready to hibernate yet – SocGen
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