Despite a progressively more restrictive monetary policy environment since early 2022, Gold recorded a surprisingly strong performance. It hovered above $2,000 for a significant part of the last twelve months. Economists at TD Securities analyze the yellow metal’s outlook.
The Fed’s dovish pivot, along with another year of record official sector buying are set to feed a Gold bull run later in the year.
The combination of pending Fed rate cuts in the months to come should prompt traders to grow long exposure, and along with very strong physical demand and official sector buying are projected to lift prices to an average of $2,200 next quarter.
We expect Gold to average $2,081 for all of 2024.
