The Gold price gained significantly following the publication of US inflation data on Wednesday. Economists at Commerzbank analyze XAU/USD outlook.
The market now only expects one more rate hike by the Fed
The Gold price has gained considerably, primarily thanks to the declining US inflation figures. After all, this makes it appear likely that the (US) rate hike cycle will soon come to an end: the market now envisages only one last rate increase at the end of July.
We agree and therefore expect prices to trend sideways in the coming weeks. They are likely to continue rising if the market begins discussing the subject of rate cuts.
Source: https://www.fxstreet.com/news/gold-price-forecast-no-further-upside-potential-on-xau-usd-commerzbank-202307141458