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Interest rate hike expectations 'scare' gold analysts, who reassure: the market may be overreacting

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Gold closed below the $4,000 mark for the first time since November last year on Monday. Although central banks continue to increase their gold purchases, giving bullish traders some hope, it is not enough to offset capital outflows from other channels. Gold ETFs are experiencing sustained selling, and investors are reallocating funds. After all, the Iran war is generally a headwind for metal prices. Multiple banks have lowered their target prices but still expect gold prices to be significantly higher than current levels by year-end. Some analysts believe that the current expectations for interest rate hikes are somewhat excessive, which will become a key driver of a rebound. Goldman Sachs is calling for gold prices to rebound to $4,900 by year-end. Regardless, the volatility enjoyed by short-term traders seems likely to persist into the third quarter. Given the remarkable resilience of the crude oil market throughout the conflict, as well as the possibility of interest rate hikes triggered by rising global inflation, which in turn prompts investors to shift funds into interest-bearing assets, gold will remain under pressure.
GLDX0.09%
PAXG-0.12%
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