Macquarie boosts gold forecast for next year
Gold is flirting with new highs before a key Federal Reserve announcement that will be a bellwether for US monetary policy. Gold hit an all-time high of US$2,590/oz on Monday and is trading at $2,577 at the time of writing.Support for gold is coming from the expectation that this week's Federal Reserve Meeting will end with a much-anticipated rate cut, signalling that economic growth, rather than controlling inflation, is the Central Bank's new priority.
"Since the 1980s, only two interest rate cut cycles have begun with rate cuts greater than 25bps".Macro supportFurther pressure on the dollar and support for gold has come from other geopolitical concerns, including increased tensions between Israel and Lebanon and an assassination attempt against former US president Donald Trump.
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