XAU/USD should succeed in overcoming its all-time high of $2,075 in 2024 – Commerzbank

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Gold price has recovered significantly since autumn last year. Economists at Commerzbank analyze the yellow metal’s outlook.

Gold seen trending sideways near $1,950 in the short term 

Gold price is likely to trend sideways in the short term, as uncertainty about the future path of US monetary policy remains high. Lower US inflation argues for an end to interest rate hikes, but the robust US economic growth so far argues against a quick turnaround in interest rates. 

In the medium term, however, Gold price should rise, as we still expect the US economy to slide into recession, which should fuel speculation about interest rate cuts.

Source: Commerzbank Research