Commerzbank says "We are downwardly revising our gold price forecast"

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Commerzbank says "We are downwardly revising our gold price forecast"

<p>Analysts at the bank are citing:</p><ul><li>expect the Fed Funds Rate to climb to 5% by the spring of 2023</li><li>and thus the US dollar is therefore likely to remain strong for quite some time yet</li><li>which provides a headwind for gold, to persist for some considerable time</li></ul><p>Forecasts:</p><ul><li>$1,700 per troy ounce for the end of 2022 (previously $1,800)</li><li>"The lower starting level, noticeably higher interest rate forecast and lower prediction for the EUR/USD exchange rate also translate into a lower path for the gold price next year. We expect gold to climb to $1,800 per troy ounce by the end of 2023 (previously $1,900).</li></ul>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: Commerzbank says "We are downwardly revising our gold price forecast"

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