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- Gold Price Forecast: The case for further patient advance with each passing day looks intact – MUFG
Gold Price Forecast: The case for further patient advance with each passing day looks intact – MUFG
Gold rises to a new record as US Fed rate cut bets help drive the prices up. Economists at MUFG Bank analyze the yellow metal’s outlook.
Macro funds were a new force of buying in Gold’s rally
Notwithstanding the significant velocity of Gold’s recent gains, the case for further patient advance with each passing day looks intact.
Gold touched an all-time high as fund buying combined with speculation over a US Federal Reserve pivot and geopolitical and financial risks underpinned a rally. Swap markets now suggest a 64% chance of a US Federal Reserve rate cut in June, a higher probability than early last month.
A weaker US Dollar and lower treasury yields, along with ongoing geopolitical uncertainty, have been gradually pushing up Gold prices since mid-February.
Macro funds, which hadn’t been active in the Gold market until recently, were a new force of buying in Gold’s rally. The latest data showed hedge fund and money managers boosted their net bullish gold bets as of the end of February.
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