- The gold market could continue to trend water around $1,950 an ounce through the rest of the summer as resilient economic growth supports growing expectations that the Federal Reserve will maintain its hawkish bias into the year-end, according to the latest outlook from Commerzbank.
In her latest gold report, Thu Lan Nguyen, head of commodity research, said that although recession expectations have been pushed to the first quarter of 2024, it is a given that growth will slow. According to the CME FedWatch Tool, markets see an 86.5% chance that the Federal Reserve will keep interest rates unchanged within a range between 5.25% and 5.50%. Markets also project a nearly 62% chance that interest rates will remain unchanged through year-end.
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