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During the months of April and May, the price of gold crossed the $2,000 mark and was just a few dollars away from a record high. Natixis analysts discuss XAU/USD view for the coming months.
Gold prices will remain below $1,900 in 2024
In the near term, gold is expected to remain under pressure as markets expect another rate hike (albeit a small one) by the end of the year.
Through 2024, we expect gold prices to remain in the low $1,900s, averaging $1,920 for the year. On the one hand, a rate cut for gold will be positive as it would lower the opportunity cost of holding the metal. On the other hand, an economic recovery along with lower inflation figures would limit price growth.