We expect Gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election. 

We forecast prices to average $2,150 in the fourth quarter and $2,081 in 2024 on the assumption that the Fed starts cutting rates in the second quarter of the year and the Dollar weakens. 

Downside risks revolve around US monetary policy and Dollar strength. The higher-for-longer narrative could see a stronger Dollar for longer and weaker Gold prices.