Gold Price Forecast: XAU/USD direction hinges on news coming out of the Middle East – Commerzbank

Market news

24 October 2023

Gold Price Forecast: XAU/USD direction hinges on news coming out of the Middle East – Commerzbank

Gold price is continuing to profit from the Middle East crisis. Economists at Commerzbank analyze the yellow metal’s outlook.

Gold in demand as safe haven

The news coming out of the Middle East is likely to continue to dictate the direction for Gold, whereas previously dominant factors such as changes in bond yields have taken a back seat.

The normally negative correlation with the US Dollar has also been loose of late because both Gold and the USD are regarded as safe havens.

US Dollar gets momentum from strong PMIs

AUD will receive additional upside momentum if inflation eases less quickly than expected – Commerzbank

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