Gold prices have room to run as banks struggle and the Federal Reserve renders another rate decision, potentially breaking all-time highs — and staying there.
Gold is trading at $1,940.68 per ounce. On Monday, it breached $2,000 to strike its highest since March 2022. Gold has risen around 10% since early MarchGold's all-time high was $2,075 in August 2020, according to Refinitiv data. Demand from central banks will likely keep wind in its sails.
"I think it's very plausible that we see a strong performance in gold over the coming months. The stars appear to be aligning for gold which could see it break new highs before long," one analyst said.Craig Erlam, a senior market analyst at foreign exchange company Oanda, agrees with Fitch's buoyant outlook.
"Interest rates are at or near their peak, cuts are now being priced in sooner than anticipated on the back of recent developments in the banking sector," said Erlam, who added that he thinks that dynamic will boost gold demand, even if it coincides with a softer dollar.Investors are closely watching the Federal Reserve's next moves and their impact on gold prices.
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