As commodity analysts across Wall Street rush to hike their price targets for gold following the precious metal’s recent rally, James Steel Chief Precious Metals Analyst at HSBC has adopted a more cautious stance.
Indeed, Steel and his team at HSBC believe that gold bullion prices are now close to a ceiling after rallying 25% year-to-date. In a research note sent out to clients earlier this week, Steel explains why the bank believes gold is starting to lose its sparkle.
A volatile outlook for the gold price
While some analysts believe that the price of gold could hit $1,400 per ounce in the near-term, the commodities team at HSBC believe that the price of the yellow metal will average $1,275/oz this year and...
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