- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD path downgraded to $1,700 by year-end, $1,800 end-2023 – Commerzbank
Gold Price Forecast: XAU/USD path downgraded to $1,700 by year-end, $1,800 end-2023 – Commerzbank
Gold price is set to remain under pressure due to the strongly appreciating US dollar. Therefore, strategists at Commerzbank downgrade their XAU/USD forecasts.
USD to remain strong for quite some time yet
“We expect the Fed Funds Rate to climb to 5% by the spring of 2023, i.e. by another 175 basis points from its current level. The US dollar is therefore likely to remain strong for quite some time yet. The headwind facing gold will thus persist for some considerable time.”
“We are downwardly revising our gold price forecast for the end of this year to $1,700 per troy ounce (previously $1,800).”
“The lower starting level, noticeably higher interest rate forecast and lower prediction for the EUR/USD exchange rate also translate into a lower path for the gold price next year. We expect gold to climb to $1,800 per troy ounce by the end of 2023 (previously $1,900).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
