Gold is Buy
10:30 AM UK Time 16 Dec 2024
Gold prices are inching higher as investors await the Federal Reserve's monetary policy decision later this week. According to ANZ Research analysts, while a rate cut appears certain at this week's Fed meeting, concerns are growing over the possibility of a pause in rate cuts come January. Nonetheless, rising geopolitical tensions are bolstering safe-haven demand, as evidenced by an increase in ETF holdings and a rise in speculators’ net-long positions last week. ANZ predicts gold will hit a record high of $2,900 per ounce next year, driven by strong investment inflows, steady physical demand, and sustained central bank purchases. Currently, gold futures are up 0.1%, trading at $2,659.90
Gold prices are inching higher as investors await the Federal Reserve's monetary policy decision later this week. According to ANZ Research analysts, while a rate cut appears certain at this week's Fed meeting, concerns are growing over the possibility of a pause in rate cuts come January. Nonetheless, rising geopolitical tensions are bolstering safe-haven demand, as evidenced by an increase in ETF holdings and a rise in speculators’ net-long positions last week. ANZ predicts gold will hit a record high of $2,900 per ounce next year, driven by strong investment inflows, steady physical demand, and sustained central bank purchases. Currently, gold futures are up 0.1%, trading at $2,659.90
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