Gold Price Forecast: XAU/USD will struggle to climb lastingly above $2,000 – Commerzbank

Gold price was able to regain ground amid the US Federal Reserve’s interest rate meeting. Economists at Commerzbank analyze the yellow metal’s outlook.

Buoyant NFP to weigh on Gold 

Gold will probably continue to find it hard to climb lastingly above the $2,000 mark – assuming there is no escalation in the Middle East – as further Fed rate hikes have become a little less likely but are not yet off the table entirely.

Interest rate expectations could be quickly driven up again, thereby weighing on the Gold price, especially if the US economy proved persistently resilient. Today’s US labor market data could trigger such a market reaction if they turn out once again to be more buoyant than anticipated.