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Gold prices will struggle to climb above US$2000

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.

Fed funds futures suggest that the market now places the likelihood of another rate hike in December at 20%, down from a month earlier at 40%. The Fed’s hawkish message with dovish undertones has resulted in a continuation of the risk on sentiment with global sock indices posting impressive rises. Stocks are up, bonds are up (yields down) and the dollar lower – with gold failing to rise.

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