Fed Policy Pivot Helps Boost Gold Prices


  • Gold prices have surged over the past two months with expectations that the US Federal Reserve will slow its interest rate rises.
  • We have increased our 2023 price outlook slightly based on the faster-than-expected pivot in US interest rate policy and the return of Chinese demand after Beijing’s U-turn on its zero-Covid strategy.
  • A less hawkish Fed is likely to lead to a weaker US dollar.

Gold Bars Sitting on Blue Bar Graph, Stock Market and Finance Concept.


Gold gains on softer dollar

Gold prices fell sharply last year after hitting a record high of above $2,000/oz in March as US dollar strength and central bank tightening weighed heavily on the precious metal. Higher interest rates make gold, which provides

Speculative positioning in COMEX gold

CFTC, ING Research

China gold reserves

PBoC, ING Research

ING forecasts

ING Research

This article was written by

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