Standard Chartered Sees Gold Price Soaring to $5,000
Standard Chartered, a major bank, has revised its gold price forecast upwards. The bank now predicts that the price of gold will reach $4,750 an ounce within three months and $5,000 over the next year.
This is a significant increase from their previous target, which was not disclosed in the article. According to Senior Investment Strategist Cindy Lam, 'We have raised our three- and 12-month gold price targets to USD 4,750/oz and USD 5,000/oz, respectively.'
The bank attributes this revision to a sharp pullback in the US Dollar, which makes gold more affordable for overseas buyers. However, the current backdrop has become less favorable due to stronger US employment data and higher interest rates.
A decline in the US currency would support another challenge of the August high, when gold traded as high as $4,696.