Pent-up demand is expected to push prices higher, breaking above US$2,000 in the next 12 months.
A survey of money managers, from sovereign wealth managers to hedge funds, offered optimism for price prospects into 2024.
None of the respondents said they would cut their exposure to gold in the immediate 12 months, and five of them said they expected to boost their allocations. More than two thirds of them see prices rising, and five expect a clear all-time high. The poll was conducted between Aug 10 and Aug 22. “We do anticipate there’s pent-up gold demand from investors waiting for the Fed to finish,” said Darwei Kung, head of commodities and portfolio manager at DWS Group. “That’s a positive set-up from our perspective.” He sees gold reaching a record US$2,250 an ounce in the time period.
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