Commerzbank - the upward trend in the XAU/USD currency pair running

Recently, gold prices have increased. Commerzbank economists evaluate the prospects for the yellow metal.

By year's end, $2,000 is anticipated for XAU/USD

If it becomes more apparent that interest rates have peaked or that early rate decreases are increasingly anticipated, the upswing is likely to continue. Thus, the market is anticipating with interest today's speech at Jackson Hole by Fed Chair Powell. US labor market data indicating an improvement in the situation could potentially provide such a boost.

Despite this, we do not see a significant improvement in the situation by August. However, we remain hopeful and anticipate a price of $2,000 by year's end.