GOLD PRICE FORECAST: XAU/USD STRUGGLING TO HOLD ON TO $1,915
- Gold buyers are struggling to hang on to $1,915.00 for Monday.
- A well-bid US Dollar is seeing the XAU/USD flounder into recent lows.
- Analysts see Gold reaching $2,200 by the end of the year, but policy risks remain.
The XAU/USD took a step lower on Monday, knocking into $1,915.00 and seeing little relief pressure as the US Dollar (USD) catches bids across the board.
Spot gold prices have steadily drifted lower in 2023, peaking just below $2,080.00 back in early May. The XAU/USD is down almost 8% from the year's high, but still remains well-supported looking long-term, with Gold up nearly 20% from last October's lows of $1,650.00
Gold's long-standing relationship with US Treasury yields has softened in recent months; while the yellow metal has a tendency to closely track with US yields, that relationship has broken down for most of 2023. US yields have appreciated considerably, but Gold remains unable to capitalize on bond momentum.
$2,000 by end-2023, $2,200 by end-2024?
Despite downward price pressure, analysts are forecasting lofty end-of-year Gold spot valuations.
Commodity analysts from Société Générale (SocGen) see Gold capped under $2,000 to end the trading year, but 2024 is expected to see Gold prices improve to $2,200 by the end of 2024, on the back of easing inflation expectations and a slipping US Dollar Index
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