Ahead of the interest rate meeting, Wall Street is bullish on gold prices
Wall Street analysts state that given the Federal Reserve’s current situation, the level of U.S. debt, and the economic impact of interest rate hikes, the likelihood of a significant rate increase is low. If there is no rate hike at the September 16 meeting, it is expected that international precious metals prices could rise significantly by year end, and international gold price may return to the $5,000/oz high.
If the Federal Reserve’s actions match market expectations exactly and it decides to raise rates by 25 basis points, the international gold price may experience a pullback, but the decline will likely not be significant.
14 analysts participated in the forecast for next week’s international gold price: 9 analysts (about 64%) expect international gold prices to rise, 2 analysts (about 14%) expect them to fall, and 3 analysts (about 21%) anticipate a sideways trend.
115 retail traders (53%) expect international gold prices to rise next week, 52 (24%) expect them to fall, and 51 (23%) anticipate a consolidation trend.
Next week, central banks will again move into the spotlight. The Federal Reserve’s policy meeting will receive close attention, and both the UK and Japan will also announce monetary policy decisions.
