Gold price to hold the line at $1,800 but investors will have to weigh the costs as real rates remain positive - CIBC CIBC gold interestrates
- Ongoing uncertainty in global financial markets will support gold prices in 2023, but investors shouldn't expect any fireworks in precious metals markets despite the best start to the year in a decade, according to analysts at CIBC.
Although market volatility will support gold and silver prices this year, the analysts said that the Federal Reserve's firm stance on interest rates in a muted inflationary environment will ultimately push real rates higher through the year. "ETF demand has proven to be extremely volatile, and we expect it to create headwinds in the back half of the year as expectations build for a stock market recovery," the analysts said.
"Both metals may, in fact, beat our forecasts, but against a backdrop of stabilizing inflation rates, a rise in real rates, and perhaps more importantly, a better stock market in 2024, it is hard to see meaningful catalysts on the horizon to further support an already multi-year rally in gold and silver," the analysts said.
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