(Date corrected in Dateline) Sept. 30 (Reuters) – Gold’s record-breaking high on expectations of a revival in big inflows into exchange-traded funds (ETFs) and additional interest rate cuts from major banks is expected to push gold prices higher. The price rally will extend till 2025. Central banks around the world, including the US Federal Reserve. “We are maintaining our long gold position due to the gradual boost from low global interest rates, structurally high central bank demand and gold’s hedging benefits against geopolitical, financial and recession risks,” Goldman Sachs said in a note. Reiterate the recommendation.” Moderate but still significant central bank purchases in the London OTC market could contribute about 2/3 of the expected rise in the gold price to $2,900 an ounce by early 2025. Meanwhile, exchange-traded fund flows are increasing sequentially following the Fed rate cut. Goldman Sachs analysts say the remaining 1/3 are expected to rise in price. Yield-free gold has risen nearly $577 an ounce, or more than 28%, so far this year, putting it on track for its biggest annual gain since 2010 and positioning itself as one of the standout assets of 2024. Installing. The precious metal hit a record high of $2,685.42/ounce last week and has hit record highs several times this year. “Strong physical demand from China and central banks have supported gold prices over the past two years, but investor flows, and the creation of retail-focused ETFs in particular, key to further sustained rally in the upcoming Fed cut cycle,” analysts said. It is made.” JPMorgan said in a note on Sept. 23. The Fed began its easing cycle with a half-percentage-point rate cut on Sept. 18, and anticipates another 50 basis point cut and a full percentage point by the end of this year. Cut point next year. Zero-yield bullion is a preferred investment during low interest rate environments and geopolitical turmoil. Analysts say the US presidential election on November 5 could also push gold prices further as potential market volatility could drive investors towards safe haven gold. The following is a list of the latest brokerage forecasts for 2024 and 2025 prices for gold (in per ounce): Brokerage/Agen Annual Price Price Target Cyber Forecast 2024 2025 Commerzbank* $2,600 $2,600 $2,600 to mid-2025 ANZ* $2,394 $2,805 $2,900 by 2025 the end of Macquarie $2,339 $2,463 Q1, 2025 peak of $2,600/oz, likely to rise to $3,000/oz, Goldman Sachs $2,973 $2,900 $2,395 in early 2025 UBS – $2,700 by mid-2025, BofA $2,365 – range of $2,750 Gold Will reach $3,000 an ounce JPMorgan $2,398 $2,775 $2,850 Citi Research $2,360 $2,875 Baseline average price estimate $2,800-3,000/ounce in 2025 *End-of-period forecast (Reporting by Daksh Grover, Swati Verma and Anmol Chaubey in Bengaluru; Editing) Paul Simao )
