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Goldman Sachs continues to be bullish on gold: hedging risks, central bank buying + Federal Reserve interest rate cuts, gold price rising to $2700 soon!
Due to the impact of the U.S. debt crisis, the Fed's interest rate reduction, and the hedging of value, Goldman Sachs believes that the price of gold still has over 8% room for increase by early next year, and if the U.S. debt concerns worsen, the gold price could even rise 15%.
Is the era of high interest rates coming to an end, with the nine major central banks globally entering into interest rate cuts in September?
Although inflation in the service industry remains a problem, it is widely expected that the Federal Reserve, the European Central Bank, and the Bank of England will continue to implement loose monetary policies in early 2025. Beat Wittmann, Chairman and Partner of Porta Advisors, stated that interest rate cuts may cause short-term volatility in U.S. stocks but still have investment value.
For seven consecutive years, there has been a 'September Crash' in the gold price! Can the gold price break this seasonal 'curse' this year?
Gold, which has been soaring to new heights since the beginning of this year, may face a severe "seasonal challenge" this month: Will the "September curse" reappear? Since 2017, the price of gold has fallen every September- during this period, the average drop in gold prices in September reached nearly 3.3%, making it undoubtedly the worst-performing month of the year.
Can gold break through the "September curse"?
Since 2017, gold has experienced a decline every September, with an average decline of 3.2%. September is the worst-performing month for gold during the year.
Newmont Upgraded, AngloGold Downgraded at Scotiabank in Upbeat Gold Outlook
Gold prices continue to break records, and bullish sentiment remains high. Major banks predict that it may reach 3,000 next year.
Sabrin Chowdhury, the head of BMI commodity analysis, said "2024 is expected to be a year when gold sets multiple new highs", emphasizing the appeal of gold as a safe haven asset. Citigroup analysts predict a target price of $3,000 per ounce by mid-2025, with an average price expected to be $2,550 in the fourth quarter of this year.
