gold forex Gold is a 2023 story, but these are the currencies to buy it in right now
Gold is down 8% year-to-date, and there might not be enough momentum to reverse course this year. But that's only the case for gold priced in U.S. dollars, according to Pepperstone's head of research Chris Weston. Here are the currencies that should be on your radar.
Using this correlation between gold and breakeven rates, Weston sees gold's fair value below $1,600 an ounce. At the time of writing, December Comex gold futures were trading at $1,679.70, down 0.37% on the day. The first thing to watch next year is the Fed's terminal rate. At the September meeting, the Fed officials said they see the federal funds rate climbing to 4.6% next year after rising to 4.4% by the end of 2022.
That is one of the reasons why gold has been underperforming in U.S. dollars relative to some of the other currencies."If you get this right, you can max out the currency effect on the back of this," Weston said.
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