Gold Price Forecast: XAU/USD seen at roughly $1,900 by year-end – Commerzbank

Gold has been on a rollercoaster ride over the past month. Economists at Commerzbank analyze the yellow metal’s outlook.

Gold still expected to reach new record high of $2,100 by end-2024

We expect the Gold price to continue trending upwards in the medium to long term. That said, the recovery is likely to begin at a lower level, not to mention later than we had previously predicted. We now envisage a Gold price of roughly $1,900 at the end of December (previously $2,000). 

As soon as there are clearer signs of an imminent recession in the US, i.e. from roughly next spring, rate cut speculation should increase and lend greater buoyancy to Gold. Our forecast for the Gold price at the end of 2024 therefore remains unchanged at a new record high of $2,100.