Commerzbank: Gold price is unlikely to increase strongly in the near future

Gold prices increased slightly again in the second half of January. Experts at Commerzbank analyze the prospects of this precious metal:

• We do not expect gold prices to increase sharply in the near future

• Fed Chairman Jerome Powell has hinted that an interest rate cut as early as March is unlikely. The Fed's view is that it wants to be sure that inflation will return to its target level in a sustainable way, and relying on economic data alone is not enough.

• In this context, we still maintain our view that gold prices will continue to move sideways and will establish an uptrend in the second half of 2024.