Gold Outlook

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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 – Q4 2022

Gold prices have poorly performed on a YTD basis at -8.3%, considering gold is a traditional hedge against inflation, and the economic and geopolitical uncertainty has failed to act as a tailwind to gold. Dollar strength, in conjunction with a decline in the global negative-yielding debt, has served as a deterrent. While we expect a moderate uptick in physical demand in Q4, the above trends will still work against gold, which remains high historically. ETF holdings declined sharply, but this has been stemmed recently; in our opinion, we will see more outflows into year-end, and gold will continue to fall. Uncertainty surrounding the global economy may prompt a rally and a deep correction in the USD...

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