Spectre of hawkish Fed and AI jitters to haunt gold prices
At just under $4,000 per oz at the time of writing, gold prices are now back to where they were last Halloween, and ~25% below the peak of the rally reached in late-February. With the bursting of the AI equity market bubble set to spook gold investors further, we are comfortable with our below-consensus forecast for gold prices to fall to $3,600 per oz by end-2027.
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