gold outlook Gold price to trade at $1,700 next year as Fed, dollar outlooks shift, says Capital Economics
Even though gold prices tumbled in response to Federal Reserve Chair Jerome Powell's hawkish stance, gold's path during the next year will be defined by gains, Capital Economics said in its latest outlook.
The Fed has confused the markets with its mixed messages following its fourth 75-basis-point hike Wednesday. In the statement, the U.S. central bank said it will now consider"the cumulative tightening" of monetary policy and"the lags with which monetary policy" affects economic activity and inflation.
On top of that, the U.S. dollar, which has been a big obstacle for the precious metal, will reach its peak next year and begin to decline, helping gold recover.
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