The Fed’s long-anticipated pivot to looser monetary policy is widely expected to boost gold’s appeal compared with yield-bearing assets like bonds.
Gold is the No. 1 pick in commodities markets for JPMorgan Chase & Co and the price has the potential to reach $2 500 an ounce this year, according to the bank’s global head of commodities research.
“We believe that $2 500 is a possibility” after bullion reached an all-time high of $2 195.15 on Friday, Natasha Kaneva said during a Bloomberg TV interview. “Because the market tends to get overexcited.” To achieve that price target, “we need a confirmation from continued moderation in the inflation and in the jobs numbers as well and the confirmations that the Fed indeed is cutting,” said Kaneva.
Policymakers have said they needed to see more evidence that inflation is headed toward its 2% target before lowering borrowing costs.
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