Gold steadied around $1,740 an ounce on Friday, close to its lowest level since August 11th and book its third straight weekly loss hit by a series of hawkish signals from major central banks. The Federal Reserve confirmed tapering could begin as soon as November and interest rate hikes could follow earlier than expected. Elsewhere, Norway's Norges Bank became the first major western central bank to raise rates and the Bank of England noted that the case for modest tightening strengthened. Aside from the monetary policy headlines, investors continue to monitor China's Evergrande debt crisis as the interest deadline expired without any announcement from the company.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on September of 2021.
Gold is expected to trade at 1732.59 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1668.90 in 12 months time.