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PETALING JAYA: The stage is set for gold prices to potentially shine further this year, buoyed by uncertainties triggered by geopolitical risks, the trade war between China and the United States and the likely gradual interest rate cuts by the US Federal Reserve .
He said this was driven by several factors, including the anticipation of central banks easing monetary policy globally, continued gold purchases by central banks, geopolitical concerns and gold’s role as a safe haven and portfolio diversifier.Wong said his year-end forecast for gold is US$2,445 per ounce, while his mid-2025 projection is for gold to hit US$2,500.
“Gold hit record highs of US$2,365 per ounce on April 9. The rally has been fuelled by a powerful cocktail of safe-haven and hedge fund purchases, prompted by record-high equities and sticky inflation. This, in turn, is triggering heavy momentum buying,” he noted. Consequently, he said there may be some price correction as market participants may be tempted to cash in their profits.
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