“Amid ongoing tariff-related and geopolitical risks, which have negatively impacted US and global economic prospects, we are raising our gold price target to USD 3,500/oz across our forecast horizon and remain long the metal in our global and Asia asset allocation,” the analysts at the Swiss bank said. According to Ole Hansen, Head of Commodity Strategy at Saxo Bank, “In the short to medium term, a combination of heightened global economic tensions, the risk of stagflation—a combination of lower employment, growth, and rising inflation—a weaker dollar, may, in our opinion, continue to support bullion.” Over the past two weeks, the EIA, the IEA, and OPEC have all cut their demand growth outlooks, while major investment banks have downgraded their oil price forecasts for the short to medium term.
Author: Tsvetana Paraskova
Published at: 2025-04-21 23:00:00
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