When will the gold price rise above $4,900 again?
Bank analysts stated that international gold prices declined from their January highs to the June lows, reflecting the normalization of real interest rates, market expectations that the Federal Reserve will not cut rates this year, and short-term attractiveness of rising US stock markets undermining gold's investment appeal.
Gold’s structural drivers—persistent US inflation, uncertainty about Federal Reserve policy, and continued reserve diversification by global central banks—will return to play a role after Middle East tensions ease. Analysts from the bank believe that for every percentage point increase in US inflation, international gold prices will rise by 5%. Inflationary pressures resulting from the current energy crisis will provide support.
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