As bank crisis fears ease, gold prices set to stabilise for now
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THE global anxiety over banks is slowly abating and the changing sentiment has placed a lid on the price of gold. Many precious metals analysts now expect gold to trade sideways in the next few months, although the price may well breach the US$2,000 an ounce level again if another bank crisis erupts.
The gold price could weaken from current levels of US$1,960 an ounce in the coming months if the financial panic continues to subside, said Jeffrey Christian, the chief executive of CPM Group, a precious metals and commodities consultancy.
But in the next six to nine months, renewed banking and geopolitical uncertainties could cause the price to break through the March peak of US$2,010 an ounce, he said. Once that happens, gold could potentially rise to as much as US$2,500 an ounce in 2024.
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