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- Gold Price Forecast: Future course of US monetary policy to dictate the direction for XAU/USD – Commerzbank
Gold Price Forecast: Future course of US monetary policy to dictate the direction for XAU/USD – Commerzbank
Gold price is currently trading at $1,650, not far from its yearly low. Federal Reserve’s next step in interest rates will determine the direction of the yellow metal, strategists at Commerzbank report.
Gold demand soars in Q3
“The expectations concerning the future course of US monetary policy and the associated US dollar trend will presumably dictate the direction for the gold price in the short-term.”
“The WGC has reported that gold demand in the third quarter was unexpectedly up year-on-year. The key factor in this was the record-high purchases by central banks and other institutions. Jewellery demand and demand for bars and coins were also significantly up last year, however. This more than offset the high outflows from ETFs. Nonetheless, the latter remains a considerable pressure factor on the gold market: outflows continued in October.”
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