City boosts gold goal to $4,800
Global banks have raised their forecasts for gold prices over the next three months, with Citibank targeting $4,800 per ounce, while maintaining their outlook at $5,000 for a period of 6 to 12 months, supported by expectations of declining real interest rates and the U.S. Federal Reserve shifting to a less hawkish stance. JPMorgan Bank anticipates gold prices will range between $4,500 and $5,000, benefiting from U.S. inflation data and Jackson Hole meetings, as weak inflation data could push prices toward $5,000, whereas higher inflation might put pressure on the price and cause it to test the 200-day moving average. Investors are awaiting the release of U.S. Personal Consumption Expenditures (PCE) inflation data, along with the Federal Reserve Chair's speech, with a 61.6% probability of keeping interest rates unchanged in August. The outlook reflects increased demand for gold amid geopolitical risks and inflation concerns, with continued analysis expecting a wave of price increases in the coming months.
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