With inflation still considerably above the Fed's two percent target, the US central bank is unlikely to signal an imminent easing. As such, the yellow metal could well be range-bound, without a sustained breakout toward our $2,100 target occurring for a quarter or so.

We believe that the combination of an expected Fed dovish pivot by Gold traders in the months to come and very strong official sector buying should lift prices to $2,100+ on a sustained basis in 2024.