New gold forecast from German bank: $2,500
Germany-based Commerzbank has revised its year-end 2024 gold price forecast to $2,500 per ounce. The bank projects that gold prices will reach $2,600 per ounce by mid-2025.
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Following the inflation data released in the US this week, which indicated that price pressures are easing, retail sales data released yesterday also revealed that consumer spending remains strong. The price of gold per ounce continues its upward trend, trading at $2,455.
Recent developments have led to revisions in gold price forecasts. Commerzbank has raised its year-end 2024 gold price forecast to $2,500 per ounce. Commerzbank expects the price of gold to rise to $2,600 per ounce by mid-2025.
Analysts stated that following the strong retail sales and the decline in jobless claims, the probability of the US Federal Reserve (Fed) implementing a 25-basis-point interest rate cut in September has surpassed the probability of a 50-basis-point cut.
Reporting that fears of a recession in the US economy have eased following the data, analysts noted that this situation has increased risk appetite.