Gold: Heading to $6,000/oz – Societe Generale

FXStreet Insights Team FXStreet

Gold has surpassed $5,000/oz, reaching nearly $5,100/oz, confirming the forecast of $5,000/oz by year-end. Societe Generale now anticipates Gold could reach $6,000/oz by year-end, potentially a conservative estimate. The report highlights that hedge fund positions are at record levels, while central bank demand appears to be declining. ETF flows have significantly influenced Gold prices, with notable inflows recorded recently.

Gold surpasses $5,000/oz

"This morning gold surpassed $5,000/oz, reaching almost $5,100/oz at the time of writing. This means we have already hit our forecast of $5,000/oz by the end of the year."

"We now see gold reaching $6,000/oz by year-end, with the caveat that this is probably a conservative estimate and it could well go higher."

"ETF flows into gold have been positive over the last 8 weeks with inflows of 93 tons, with total tonnage now recorded at 3,120 tons, 500 tons higher than one year ago."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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