Gold price consolidated
One troy ounce of gold cost $1,459 at 11 a.m. on Monday. That was equivalent to 1,324 euros. Since reaching an all-time high of 1,418 euros on September 3, the euro gold price has fallen by almost 7 percent. The easing of the trade dispute between the USA and China is an important aspect. This also applies to the subdued expectations of further interest rate cuts in the USA. However, analysts at the major US banks have not yet revalued the gold price. Most of them remain optimistic.
The US investment bank Goldman Sachs is sticking to its latest forecast. For the coming year, the analysts expect a gold price of 1,600 US dollars per ounce. One sees continuing political uncertainties and one also estimates the economic outlook cautiously.
The major Swiss bank UBS also expects the price of gold to rise to USD 1,600 next year. For the next three months, rates of more than USD 1,550 are expected. Analysts at UBS believe that the current consolidation is “healthy”. This creates scope for further price gains. In Switzerland, too, there are signs of ongoing uncertainty on the markets and interest rates are expected to remain low. It is said that we are waiting for the next impulse for rising precious metal prices.
In a recent publication, the major US bank Morgan Stanley explains that the price of gold is likely to rise next year, while it is assumed that stocks and bonds will weaken. The U.S. dollar is expected to be lower as higher growth rates outside the U.S. are expected. An average gold price of 1,511 US dollars per ounce is forecast for 2020.