IAUM - Gold Monthly: Assessing Fed Policy And Geopolitical Risks
2024-02-12 18:37:00 ET
Summary
- Geopolitical tensions support gold prices.
- Fed policy remains key.
- Central bank buying continues.
- 2024 starts with continued ETF outflows.
- Gold to reach new highs in 2024.
By Ewa Manthey , Commodities Strategist
Geopolitical tensions support gold prices
Gold prices have held above $2,000/oz, with the precious metal being supported by safe haven demand amid geopolitical tensions. Ongoing geopolitical risks in Ukraine and the Middle East continue to provide support to gold. Prices hit an all-time high of $2,077.49/oz on 27 December 2023. Still, we believe the Federal Reserve's wait-and-see approach will keep the rally in check. We expect prices to average $2,025/oz over the first quarter....
Gold Monthly: Assessing Fed Policy And Geopolitical Risks