Gold Price Forecast: XAU/USD to surpass its record high from August 2020 by end-2024 – Commerzbank

Gold price is back above $2,000, but why? Strategists at Commerzbank analyze the yellow metal’s outlook.

Any upside potential for Gold is probably more or less exhausted for the time being

The falling interest rates and weaker US Dollar we envisage as a result point to a rising Gold price, which is why we anticipate a further increase to $2,100 by the end of next year. This would also see Gold surpass its record high from August 2020.

That said, any upside potential for the Gold price is probably more or less exhausted for the time being. This is because the upswing since early October was probably facilitated by the covering of speculative short positions, a process that should have been completed by now. For the Gold price to gain any further, rate cut speculation would need to intensify, which would require weaker US economic data or corresponding comments by Fed officials.