McGuire Predicts Gold to Reach $4,600 by End of August

Gold and silver prices may continue their recent upward trend as markets anticipate a softer US dollar and potentially more accommodative Federal Reserve, according to Peter McGuire, CEO of Trading.com. McGuire expects gold to reach $4,600 by the end of August, up from its current price around $4,450 in December futures on Comex.

McGuire attributes this potential increase to a series of softer US economic indicators, including weaker non-farm payrolls and retail sales. This has led him to believe that the US dollar index will slip below 99 in the near term.

The Federal Reserve's next move is also being closely watched, with McGuire expecting the possibility of a rate hike in September to diminish. He believes this could lead to a softer dollar, further supporting gold and other commodities.

McGuire remains bullish on silver as well, predicting it could rise to $70 as gold reaches its target price of $4,600. He expects the final months of the year to remain supportive for precious metals due to expectations around US interest rates, equity markets, and geopolitical developments.