With gold races to new records, the Wall Street analyst rushed to raise their price goals, with the latest call from the Macquarie group that expects to touch the precious metal $ 3500 in the third quarter.
On Thursday, gold futures (GC = F) rose above $ 2,990 an ounce where a commercial war intensified and modest inflation data raised questions about whether the Federal Reserve may be more inclined to reduce prices this year.
As of 3:26:15 AM. The market is open.
“Gold was progressing on our expectations,” said Marcus Garvi, head of the commodity strategy in Macquari, on Thursday.
“We raise the price of the price of gold to the peak of the fourth quarter of the third quarter of the fourth quarter of $ 3,150 an ounce and one point prices we have to $ 3500 an ounce.”
The strategists wrote: “President Trump’s quick move to announce, if not always, contributed to the tariff for importing geopolitical uncertainty and inflation expectations, which helped to pay real prices in the front end and support gold in the face of the period of periodic dollar and reduced expectations at the beginning of interest rate discounts.”
Read more: What does Trump’s tariff mean for the economy and your wallet?
The target increase comes after the BNP Paribas strategists called for prices above $ 3,100 an ounce in the second quarte
“The Trump administration, which issues a large number of tariff threats and reorganizing international relations, added a new layer of overall economic and geopolitical uncertainty, providing a large boost to gold,” David Wilson of BNP wrote in a memo on Wednesday.
Golden futures have increased by more than 11 % so far, as it has reached multiple levels since January.
Wall Street has attributed many of these gains to the continued purchase of the central bank and uncertainty in customs tariffs, including the possibility that even valuable metal imports in the United States will not be spared.
Founding investors have shipped high amounts of material gold bars to basements in New York in a transition to the customs duties run by confrontation and benefit from the difference in prices between London and New York.
Last month, Goldman SACHS analysts raised the price of gold price at the end of the year to $ 3100 an ounce, with an increase in their previous drop of $ 2,890.
Anas Ferry is a great business correspondent in Yahoo Financing. Follow it on X in Ins_Ferre.
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