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Gold bulls cut expectations, Deutsche Bank follows Goldman Sachs in lowering target prices

MeNews
ME News Report, June 24 (UTC+8), Deutsche Bank has cut its gold price forecast by up to 22%, as investors become increasingly cautious about the Federal Reserve's monetary policy outlook, and demand for precious metals is drying up. Deutsche Bank analyst Michael Hsueh wrote in a report that the current third-quarter gold price is expected to be $4,300 per ounce, down more than one-fifth from previous forecasts; the fourth-quarter forecast is $4,800, a 17% reduction. This still implies that gold prices will continue to rise from the current level of about $4,110 per ounce, but the bullish momentum has significantly diminished compared to before. Deutsche Bank has shifted to a more cautious outlook, following Goldman Sachs' move last week, which lowered its year-end gold target price by $500 to $4,900 per ounce. Hsueh stated that the re-pricing of the Federal Reserve, along with resilient U.S. macroeconomic data, are the main factors driving gold prices lower. The bank's fourth-quarter target price is based on the expectation that the Federal Reserve will continue to keep interest rates unchanged, but if there are three to four rate hikes, gold could fall to around $3,800. Gold ETF outflows continue, indicating that this traditionally supportive factor for gold prices is "significantly missing." On the positive side, the only still-strong pillar is central bank demand, and we expect this trend to continue for some time. (Source: Jin10)
GLDX-1.34%
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