Investing.com – Economists at ING Bank expect gold to shine again as the Fed’s tightening cycle draws to a close.
We believe the downside remains limited for gold as the Fed nears the end of its monetary tightening cycle, with the expected rally at next week’s Fed meeting already priced in against bullion.
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The bank’s analysts added, “We see prices picking up over the second half of next year, given that the Fed should start pausing the cycle of rate hikes, while geopolitical instability will also provide room for gold prices to rally.”
The bank’s expectations for gold were at an average of 1900 in the third quarter and 1950 dollars in the fourth quarter.
The bank expected rates to rise again in the first quarter of 2024 to an average of $2,000 on the assumption that the Fed will start cutting interest rates in the first quarter of next year.
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2023-07-21 10:47:00
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