Gold Holds Steady Amid Dollar Surge, Forecasters Still See $5,000 Target

Gold prices have broken below the key support level of $4,300 per ounce due to a resurgent U.S. dollar and rising Treasury yields.

However, TD Securities and BMO Capital Markets maintain their forecasts for gold to reach $5,000 per ounce by 2027.

TD Securities senior commodity strategist Ryan McKay notes that the foundation for gold's next rally is taking shape, with investor and central bank buying appetite strengthening once again.

McKay believes the traditional relationship between gold and interest rates has shifted, with gold rising during periods of rising real rates when other macroeconomic risks dominate investor sentiment.