After going up by almost 7% during October, gold prices continue the upward trend seen during the last quarter, thanks to geopolitical tensions and a weakening dollar on expectations that the US Federal Reserve will stop raising interest rates.

Gold prices started the month of October on a downward trend, after having fallen during September, but the outbreak of a new armed conflict between Palestine and Israel pushed the price of the golden metal up by more than 10%, surpassing the mythical figure of 2,000 dollars per ounce and compensating for the losses that had occurred since the highs of May.

Today, 22 November, gold continues to break through the $2,000 barrier, boosted by the latest monetary policy announcement at the US Federal Reserve meeting earlier this month, which suggests that interest rates have peaked, and precludes a cautious approach to further hikes.

With inflation slackening, Federal Reserve officials therefore agreed that interest rates would only have to rise if insufficient progress was shown in reducing inflation. In this context, the dollar hit lows not seen for more than two and a half months, inversely proportional to the value of gold.

Financial market experts agree that the Federal Reserve will end interest rate hikes and start cutting rates in the first half of 2024, encouraging a revaluation of gold. Marko Kolanovic, head of markets at JPMorgan, advises investors to bet on safe-haven assets such as gold and bonds as tensions in the Middle East escalate, while Goldman Sachs forecasts a rise in commodity yields, such as gold, over the next 12 months.

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