Gold Outlook & Market Analysis - Sucden Financial > Metals Outlook > Market Insights

Expert gold market insights

Our quarterly gold outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for gold is analysed. Our research team produce gold price range forecasts as part of the report.

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Gold Outlook – Q3 2024

Gold's traditionally quiet summer period is expected to give way to renewed momentum, driven by economic factors and potential monetary policy changes. Softening price pressures and a potential September Fed interest rate cut are increasing gold's attractiveness as a non-yielding asset. Robust physical demand for gold, driven by central bank acquisitions and resilient consumer demand in India, supports a positive outlook for the precious metal.

Metals

As we head into Q3 2024, the markets are dealing with a different reality than what was initially expected at the beginning of the year. With Biden stepping out of the US Presidential Race, all eyes are likely to stay focused on the US until November. Additionally, there is a growing case for an increasing number of interest rate cuts this year, with major banks expected to start the cutting cycle by the end of this quarter. While this should help alleviate some of the pressures felt by the commodity space, China's muted economic performance is weighing on the base metals’ narrative. From September onward, we expect macroeconomic factors to relieve some of the pressures on the commodity market, leading to a modest increase in the latter part of Q3. We expect Q4 to bring greater market volatility.

Q3 2024