Gold Forecasted to Reach $5,000 by Year-End Amid Global Uncertainty

A recent forecast by Samsung Futures suggests that gold prices could climb above $4,700 or even test the $5,000 mark by year-end.

The brokerage expects gold to trade in a range of $4,100 to $4,750 through year-end, with a closing price of around $4,550.

If the Federal Reserve holds interest rates despite inflation pressure in September, gold could surpass $4,700, according to Samsung Futures.

The Fed's decision is uncertain due to the ongoing inflationary pressures and the approaching midterm elections in November.

A US-Iran truce and the normalization of traffic through the Strait of Hormuz could also push gold prices above $5,000, as geopolitical tensions would ease and oil prices would likely fall below $90 a barrel.