Gold Price Forecast: Interest rate cuts to boost XAU/USD – ING Gold XAUUSD InterestRate Fed Banks
Gold shines again with an end to the Fed’s tightening cycle in sight, economists at ING report.We believe that for Gold, the Fed policy is still key over the medium term. We believe the downside remains limited for Gold as the Fed is close to the end of its monetary tightening cycle, with the expected hike at the Fed's meeting next week already priced in for bullion.
We see prices moving higher over the second half of next year, given that the Fed should start to pause its rate hiking cycle, while geopolitical instability will also provide headwinds for Gold prices looking forward.We expect prices to move higher again in the first quarter of 2024 to average $2,000 with the assumption around this that the Fed starts cutting rates in the first quarter of next year.
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