Positive forecast, gold could skyrocket to 3,200 - 3,300 USD/ounce
Rich Checkan - president and COO of Asset Strategies International commented that gold prices will increase because prices have easily exceeded the threshold of 3,000 USD/ounce even when the market has a recent profit-taking rhythm. This shows that gold still has strong growth momentum.
James Stanley, senior market strategist at Forex.com, sees buyers still controlling the market and there is no sign of them relinquishing control soon. Despite the potential for a profit-taking trend at the end of the quarter, $3,000/ounce is still playing a solid support role. Stanley recommends not betting on the downtrend unless there is clearer evidence.
Darin Newsom - senior market analyst at Barchart.com also believes that gold prices will increase, because "very simple calculations" - as long as the geopolitical situation is tense, the trend of gold as a safe-haven asset will continue.
John Weyer - director of commercial defense at Walsh Trading commented that gold prices will increase next week as concerns about inflation and tariffs boost safe-haven demand. Weyer stressed that even if the US government reduced the tax rate on April 2, gold still has reason to stay around $3,000. However, if major tariffs are imposed, gold could surge to $3,200 - $3,300/ounce.
Marc Chandler - CEO of Bannockburn Global Forex said that it is difficult to bet on a decrease in gold prices at this time when trade tensions are escalating. Last weekend, Chandler forecasted the next target of $3,100/ounce and commented that gold is "creating its own vitality", no longer dependent on the USD index. By this morning's trading session, gold quickly broke through this threshold.
Jesse Colombo, an independent precious metals analyst, said he is watching key gold futures, such as $2,800 an ounce, $2,900 an ounce and a new support level of $3,000 an ounce. He believes that the uptrend is still strong and there are no signs of excessive excitement (mania) typically seen when the market is at its peak.
Sharing the same view, Alex Kuptsikevich - senior analyst at FxPro said that gold prices still have a lot of room to increase, especially when trade tensions increase and the USD weakens. According to Kuptsikevich, if this trend continues, gold prices could reach $3,180 in the coming weeks and even $3,400 by the end of the summer.
The analysis team at CPM Group recommends that investors continue to hold gold, targeting $3,200/ounce. CPM Group believes that gold prices will continue to peak in the first four months of 2025, then may adjust slightly in the second and third quarters as the market gradually adapts to global economic and political risks.
Kitco Senior Analyst Jim Wyckoff predicts gold will continue to increase thanks to safe-haven demand and technical trends that are still in favor of buyers.
Only one expert predicts prices to decrease
Of the 20 analysts surveyed by Kitco News, only Adam Button - head of currency strategy at Forexlive.com - predicted that gold prices could fall in the near term.
Button expects global trade tensions to cool down thanks to the USMCA (US-Mexico- Canada Agreement), which could weaken gold. However, he also noted that if there is a price drop, this is still an opportunity to buy.
