Gold Executives, Analysts Say Prices to Hit $1,800 After Fed Hikes

9.22.22 - Gold to Hit $1,800 After Hikes - Analysts

Gold last traded at $1,670 an ounce. Silver at $19.62 an ounce.

NEWS SUMMARY: Precious metal prices rose Thursday on bargain hunting and a weaker dollar. U.S. stocks drifted lower following a big decline in the major averages as traders weighed another large rate hike from the Fed.

Bloomberg--"Not even the most hawkish Federal Reserve in decades can beat down the exuberance of gold enthusiasts at the industry's biggest annual gathering.

Bullion prices will reach $1,806.10 an ounce by year end, according to the average estimate in a survey of 10 participants at the Denver Gold Forum, the yearly meetup of mining executives, investors, bankers and analysts. The forecast is 7.8% above Monday's spot closing price. The last time gold settled that high was at the beginning of July.

'You'll continue to see investment globally interested in owning gold strategically' including from central banks, World Gold Council's Joseph Cavatoni said in an interview at the 34th annual event. 'Plus the geopolitical risks are going to keep it front and center, on the mind of every investor.'

Still, Cavatoni predicts 'a bumpy ride' between now and the end of the year, with gold fluctuating until central banks around the world give more clarity on their fight against inflation."