The Gold price continues to rush from record high to record high. The last one so far was reached this morning at $2,640 per troy ounce. This is $110 more than the all-time high recorded just five weeks ago, which held until mid-September, Commerzbank’s commodity analyst Carsten Fritsch notes.

China optimism exaggerated

“Gold benefits from its role as a store of value in times of inflation and uncertainty, and as an interest-free investment in times of falling interest rates. The strength of the Gold price is by no means limited to the US dollar. In numerous other currencies, such as the euro, British pound, Swiss franc, Chinese renminbi and Indian rupee, the Gold price is also at a record level.”

“We are raising our Gold price forecast for the end of the year to $2,600 per troy ounce (previously $2,500). The Gold price could then come under pressure. We can still imagine a further price increase in the short term. However, this is not likely to be permanent.”

“We therefore confirm our price forecast of $2,600 for mid-2025. Since the current Fed projections do not show any interest rate hikes for 2026, we are also raising our price forecast for the end of 2025 to $2,600 per troy ounce (previously $2,550).”