Gold prices remained under pressure at around $1850 an ounce on Wednesday, not far from 3-1/2-month lows reached early in the month, as investors weighed prospects of faster monetary policy tightening around the world against high inflation and recession fears. The Federal Reserve is expected to continuing an aggressive set of moves aiming to tackle soaring prices and traders are pricing in 50bps of rate hikes in June and July. Meanwhile, the ECB is also seen raising rates to positive territory by the end of the third quarter.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on May of 2022.
Gold is expected to trade at 1826.20 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 1766.56 in 12 months time.