The Gold market will closely track the Federal Reserve policy rate cut. As market expectations around the first rate cut of the cycle have been pushed back from March to June, we expect prices to move sideways until the Fed confirms the timing and pace of its easing cycle.

While a transition from tightening to easing monetary cycle is a driver, elevated geopolitical risks, healthy physical and central bank buying should lift the Gold price towards $2,200 by year-end.