Gold Price Forecast: XAU/USD to average $2,025 in 2024 – NAB

Gold prices holding up on central bank purchases. Economists at the National Australia Bank analyze the yellow metal’s outlook.

Robust central bank purchases

Gold prices have largely trended sideways since late December. At face value, this appears somewhat counter to the improving economic data – with inflation in the advanced economies tracking closer to target in late 2023, which spurred a rally in both equity and bond markets.

Reports suggest that central bank purchases of Gold have been ramping up in recent times – most notably China and Russia – underpinning global demand.

We forecast Gold prices to average $2,025 in 2024, up from around $1,942 in 2023.

Feb 9, 2024

Forex Today: Indecisive action in currency markets continues

Here is what you need to know on Friday, February 9: The US Dollar (USD) gathered strength against its rivals on Thursday as US yields stretched higher.

ECB's Villeroy: ECB will probably cut rates this year

European Central Bank (ECB) Governing Council member and Bank of France President, Francois Villeroy de Galhau, said on Friday that the central bank “will probably cut rates this year.” His comment comes after his colleague Martins Kazaks noted that he is “not optimistic for Spring rate cuts.” Market reaction EUR/USD is flirting with highs near 1.0780 on the above comments, up 0.05% on the day.