- The gold market faces a choppy road ahead, but investors should keep the faith as the path remains significantly higher, according to Citigroup's chief commodity analyst.
Ahead of Wednesday's inflation data, markets currently expect interest rates to be roughly 100 basis points lower by year-end, with a potential rate cut coming as soon as September. "We certainly think it will go to $2,400 an ounce. Our probability on that is fairly high. We remain bullish on gold. But we have to remind investors that this is a choppy road, and they need patience," he added.
Morse's expectation for silver would see prices push above $29.50 an ounce this year. July silver futures last traded at $25.805 an ounce, roughly unchanged on the day.
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