Gold Price Forecast: XAU/USD to lastingly exceed the $2,000 mark only in the middle of next year – Commerzbank

Gold price continues its march towards $2,000. Economists at Commerzbank analyze the yellow metal’s outlook.

Upside potential on XAU/USD is probably exhausted in the short term

The surprisingly benign US inflation data makes a (final) Fed rate hike in December unlikely. Nonetheless, it will presumably take some time before the market does a complete about-turn and begins speculating on imminent rate cuts in the US. The recovery on the Gold market is hardly likely to continue, in other words.

We only expect Gold to lastingly exceed the $2,000 mark in the middle of next year.