Pictet Group
Precious Metals: Gold
Macroeconomics · 17 Sep 2024
0 min read
On a more volatile path
Gold prices remain on an upward path, as confirmed by the fresh all-time highs it has reached in recent days.
The nature of gold demand shows signs of shifting. High gold prices have begun to weigh on demand from central banks and China, whereas the decline in US rates and market uncertainties have pushed OTC and ETF demand higher.
We maintain our medium-term bullish view on gold. Our 12-month projection is USD2,650 per troy ounce. Our three-month projection of USD2,500 balances improvements in investment demand against the relatively stretched level of speculative OTC demand.
