The investment bank is tipping the precious metal to reach $US2100 an ounce as China leads central bank buying of the safe-haven asset.
Investment bank Macquarie is forecasting gold prices to rally as central banks stockpile record amounts of the precious metal to offset inflation risks and as US interest rates near a peak.
“Emerging cracks in the US labour market should widen into next year and bring back a conducive environment for financial inflows to gold,” Macquarie wrote in a note to clients. “We think the balance of risks is now for prices to be materially higher.” World Gold Council data showed central banks in China, Turkey, Poland, Qatar, and Singapore were the top net buyers of physical gold in July, as mandarins hedged their bets should the US print more dollars to fund government spending, putting pressure on the greenback.China buys gold
While global central banks bought a net total of 55 tonnes of gold in July, with two of the largest sellers – the Central Bank of Uzbekistan and National Bank of Kazakhstan – reducing holdings from domestic mining sources.
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