Analysts expect gold prices to hover around $1,950 an ounce in the coming months, keeping close to all-time highs as central banks stop raising interest rates and investors buy bullion as a hedge against economic uncertainty, a Reuters poll showed.
Gold is traditionally seen as a safe way to preserve wealth. However, the non-yielding metal suffers when high interest rates raise returns on competing assets such as bonds and boost the U.S. dollar, making gold costlier for buyers with other currencies. Three months ago, a Reuters poll predicted prices would average $1,852.50 in 2023. All but four of the 35 participants in both polls raised their forecasts.
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