Gold is struggling to hold on to $1,915

Gold buyers are finding it difficult to maintain $1,915.00 for Monday. The Gold Index is tumbling to new lows due to a strong US dollar. Analysts predict that Gold will hit $2,200 by the end of the year, but there are still policy risks. On Monday, gold fell further, hitting $1,915.00 with little relieving pressure as the US currency caught bids everywhere.

Spot gold prices peaked slightly below $2,080.00 in early May 2023 before progressively declining thereafter. Although the Gold Index is down about 8% from its high for the year, it is still strongly supported over the long term because to Gold’s increase of nearly 20% from its lows of $1,650.00 in late October.

Although the yellow metal tends to closely track US yields, that correlation seems to have broken down or the majority of 2023. Gold’s long-standing relationship with US Treasury yields has weakened in recent months. US rates have increased significantly, but Gold is still unable to benefit from the bond market’s momentum.

Analysts are predicting high-end gold spot valuations for the end of the year despite downward price pressure. Gold prices are predicted by commodity specialists to be limited to $2,000 by the end of the trading year, but they will rise to $2,200 by the end of 2024 as a result of lowering inflation predictions and a falling Dollar Index.