The key issues for the precious metal remain the military conflict in Ukraine, high inflation, concerns about economic growth and the imminent increase in central bank rates, Bjorn Goosen, senior analyst at S&P Global Market Intelligence, said last week.
“The global economy and credit markets are now facing downside risks from the conflict between Russia and Ukraine, continued inflationary pressures, looming high interest rates and the ongoing pandemic,” he said. "Global GDP growth is estimated at around 3.6% this year."
This environment means "stable" gold prices in the coming quarters. “Our short-to-medium term gold price outlook appears stable and will remain at $1,900/oz due to geopolitical and macroeconomic uncertainties,” Goosen said. However, by the end of the year, one obstacle will arise - price pressure from rising interest rates, which will lead to a decrease in the price of gold to $ 1,825 per ounce.