{"id":41138,"date":"2023-07-27T09:57:25","date_gmt":"2023-07-27T13:57:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/analysts-trim-gold-outlook-in-absence-of-fresh-spur-reuters-poll\/"},"modified":"2023-07-27T09:57:26","modified_gmt":"2023-07-27T13:57:26","slug":"analysts-trim-gold-outlook-in-absence-of-fresh-spur-reuters-poll","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41138","title":{"rendered":"Analysts trim gold outlook in absence of fresh spur: Reuters poll"},"content":{"rendered":"
\n

By Ashitha Shivaprasad<\/p>\n

(Reuters) – Analysts slightly lowered their gold forecasts for this year on the grounds zero-yield bullion would need a catalyst for another run to all-time highs, such as an interest rate cut from the Federal Reserve, a Reuters poll showed on Thursday.<\/p>\n

The poll of 36 analysts and traders conducted through July returned median forecasts for gold at $1,950 an ounce in the third quarter of this year, $1,995 in the fourth, $1,944.5 for the full year and $1,988 in 2024.<\/p>\n

Three months ago, a Reuters poll predicted prices would average $1,950 in 2023.<\/p>\n

“We see a market well supported, with a bias to the upside but unable to muster much momentum for a convincing breach higher to fresh all time highs,” independent analyst Ross Norman said.<\/p>\n

As fears of a global banking crisis receded and the U.S. debt ceiling impasse was resolved, gold, considered a hedge against political and finiancial turmoil, retreated by nearly 5% since its surge in early May to a few cents shy of the all-time high hit in 2020.<\/p>\n

“A broad-based and longer-lasting economic contraction would be needed to revive the rally and to push prices to record highs,” Carsten Menke, head of Next Generation Research at Julius Baer, said.<\/p>\n

Hawkish comment from the Fed and other central banks also drove the retreat since a high interest rate environment prompts investors to opt for assets such as bonds and the U.S. dollar rather than zero-yield gold.<\/p>\n

On Wednesday, the Fed raised rates by a quarter of a percentage point, marking the 11th hike in its last 12 meetings, and the accompanying policy statement raised the possibility of another increase.<\/p>\n

Standard Chartered (OTC:) analyst Suki Cooper said gold is “more likely to test the downside until rate cuts materialise unless a new catalyst emerges”.<\/p>\n

But $2,000 was still a “viable target” for gold on the basis of factors including a likely end to the rate hike and sustained geopolitical tensions, StoneX analyst Rhona O’Connell said.<\/p>\n

For silver, the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024. Silver shed over 5% in the second quarter.<\/p>\n

“Anaemic performance from gold and concerns over economic outlook especially in China” have weighed on silver, O’Connell added.<\/p>\n

But silver could still find support from solar panels demand, analysts said.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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