Gold Price Forecast: XAU/USD upside potential appears limited – Commerzbank

Gold regained the $2,000 threshold this week. Economists at Commerzbank analyze the yellow metal’s outlook.

Gold’s upside potential has become limited following the marked recovery

Gold’s rally was driven by hopes that the US Federal Reserve will not hike its key rate any further. After all, the latest economic data have been rather disappointing. 

The upside potential for Gold meanwhile appears limited, however: our economists only expect the first rate cut to be implemented in the middle of next year, so only then is the price of a troy ounce of Gold likely to climb lastingly above $2,000.