(Kitco News) - Growing optimism that the U.S. economy can avoid a severe recession even as the Federal Reserve maintains its hawkish bias continues to weigh on the gold market as prices trade near a six-month low.
However, analysts at the Australian-based bank ANZ said that despite short-term selling pressure, they are maintaining their bullish medium to long-term outlook on the precious metal. Daniel Hynes, senior commodity strategist and the lead author of their latest report, said that while he can't rule out a drop below $1,900, he does see signs of solid support in the marketplace.
The medium-term bullish outlook comes with December gold futures last trading at $1,933.60 an ounce, unchanged on the day. However, with inflation continuing to ease from last year's 40-year highs, ANZ expects that the Federal Reserve has reached peak interest rates. Haynes added that gold shouldn't be spooked by the potential for one last rate hike.
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