31 August 2023
Gold market steady around $1,950/ounce, poised to reignite bullish trend. George Milling-Stanley of State Street Global Advisors anticipates increased activity as India’s festivals and weddings boost consumer demand. Chinese stimulus could further boost Asian demand. Milling-Stanley sees potential for gold to reach $2,000/ounce by year-end, fueled by rebounding jewelry and consumer demand. Not concerned about 10-year bond yields or Fed rate hikes, he suggests rates could work against the dollar and move the economy closer to recession. Ongoing market risks and anxiety favor gold’s strength, and Milling-Stanley believes the market is well positioned for a rally in the coming months.