Gold expected to be contained by interest rates and strong dollar



Gold expected to be contained by interest rates and strong dollar

geemong

4 Aug 2022 at 04:27
Gold expected to be contained by interest rates and strong dollar



Gold will average $1,745 an ounce in 2023, slightly below current prices, as high interest rates and a strong dollar reduce its appeal, a Reuters poll showed on Wednesday.

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The gold price has fallen to about $1,770 an ounce from a high of $2,069.89 in March as the U.S. Federal Reserve and other central banks increased interest rates rapidly in an effort to tame inflation.

The higher rates have turned real yields on U.S. 10-year treasuries positive in April for the first time in two years, making non-yielding gold less attractive.

They have also boosted the U.S. dollar to 20-year highs, making dollar-priced gold more expensive for buyers with other currencies. The stronger dollar also attracts money from investors seeking a safe store of value, who might otherwise invest in gold.

The median forecasts from a survey of 35 analysts was for gold to average $1,770 an ounce in the July-September quarter, $1,750 in the fourth quarter and $1,745 in 2023.

That is a downgrade from a similar poll in May that predicted average prices of $1,875 in the third quarter and $1,762.50 in 2023.