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Gold Price Forecast: XAU/USD set to hit record levels – MUFG

Gold prices climbed to a two-week high earlier this week. Economists at MUFG Bank analyze the yellow metal’s outlook.

Gold demand hit a record in 2023 and is expected to rise further

Total Gold demand hit a record in 2023 and is expected to rise again in 2024 as the Fed moves towards easing rates alongside geopolitical tensions that remain elevated. 

According to the World Gold Council (WGC), overall consumption climbed by about 3% in 2023, supported by strong demand in the opaque over-the-counter market, as well as from sustained central-bank buying, which is also the highest total figure in data going back to 2010. 

We reiterate our 2024 commodities views that Gold is our most bullish call this year and agree with the WGC that bullion is set to hit record levels on a trifecta of Fed cuts, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort.

 

NZD/USD weakens on Fed’s hawkish stance on rates trajectory, plunges to near 0.6080

NZD/USD continues to move in a downward direction for the second straight session on European trading hours on Thursday.
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ECB's Lane: Natural gas prices much lower than ECB's December projections assumed

European Central Bank (ECB) Chief Economist Philip Lane said on Thursday that natural gas prices in the Euro area are much lower than the ECB's December projections assumed, as reported by Reuters.
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