US bank announces date when gold prices will hit their peak

Having finished last week on a negative note, the price of an ounce of gold is preparing to end the current week with a loss as well. 

The yellow metal is trading at 2,371 dollars today.

An ounce of gold hit an all-time high on July 17, reaching 2,483 dollars.

While the US Federal Reserve (Fed) is expected to keep its policy rate steady for the last time next week as part of its fight against inflation, market pricing for three interest rate cuts by the end of the year continues to strengthen day by day.

TARGET PRICE RAISED TO 2,800 DOLLARS

Pricing in money markets suggests a 55 percent probability that the policy rate will be in the 4.50-4.75 percent range by the end of the year, and a 36 percent probability that it will be in the 4.75-5.00 percent range. 

Analysts stated that political developments and macroeconomic data are being closely monitored by investors, noting that potential future news flow could impact asset prices.

The world-renowned bank has raised its 2025 target price for an ounce of gold to 2,800 dollars.

The US banking giant JPMorgan stated its expectation for the price of an ounce of silver at 36 dollars.

The price of an ounce of silver is currently moving at the 27.82 dollar level.

News Source: 12punto