ING Group: Gold rally may not be over, Q4 expected to reach peak of $2450
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Commodity strategists at ING Group predict that due to geopolitical uncertainties and expectations of a US interest rate cut, gold will continue to rise. Central bank buying momentum remains strong, and global gold ETFs continue to attract funds. It is expected that gold will peak at $2450 per ounce in the fourth quarter. Comex gold futures for August closed up 0.2% last week at $2,432.10 per ounce. Gold remains a strong choice for hedging against turmoil in other regions, and if the Federal Reserve starts cutting interest rates, investors may return to the gold market
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