The focus is now turning to the US inflation figures that are due to be published on Thursday. We expect the price pressure to have eased further in July. This underlines our assumption that interest rates have peaked. 

For Gold to begin climbing again, the market’s remaining rate hike expectations need to disappear. We expect this to happen during the course of the fourth quarter. We, therefore, believe that XAU/USD will initially continue to hover around the $1,950 mark and will then rise to $2,000 by year’s end.