Gold Price Forecast: Shifting Fed’s terminal rate expectations could cap XAU/USD upside in the near term – ANZ

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21 September 2023

Gold Price Forecast: Shifting Fed’s terminal rate expectations could cap XAU/USD upside in the near term – ANZ

Gold pared those gains after the Fed left rates unchanged but signalled they will stay higher for longer than expected. Strategists at ANZ Bank analyze the yellow metal’s outlook.

Investment demand remains lacklustre

Gold’s macroeconomic backdrop looks a bit uncertain after the US Fed hinted at another rate rise this year though kept rates steady in the latest meeting. We expect shifting expectations around its terminal rate could cap the upside in the near term.

Investment demand remains lacklustre, as investors wait for the Fed to end its tightening cycle.

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