Reported about 1 year ago
According to Taiwan Bank, as of June 30, 2024, the international gold price in the second quarter hit a historical high of $2,449.89 per ounce, but with the US Federal Reserve delaying interest rate cuts, the price has been hovering around $2,300 in June. Three factors, including the Fed's interest rate cuts, the demand for gold purchases by multiple central banks, and traditional year-end demand, are expected to keep the gold price bullish. Despite recent profit-taking pressure due to the US economy showing resilience and potential Fed interest rate delays, overall outlook remains favorable for a bullish gold price trend with limited downside potential. Several banks have raised their future gold price forecasts, with Standard Chartered Bank projecting gold prices to rise to $2,450 per ounce. Expectations for strong official sector demand, G7 countries starting an interest rate cut cycle, and ongoing support from central bank gold purchases, especially in China and India for jewelry and currency substitution demand, are factors contributing to the positive outlook.
Source: YAHOO