Standard Chartered sees near-term gold consolidation, targets $3,100 before renewed rally

Standard Chartered has trimmed its gold stance to a “core holding,” anticipating a near-term consolidation in prices after this year’s sharp rally. In a note to clients, the bank said it expects gold to approach USD 3,100 per ounce over the next one to three months, reflecting a familiar pattern of pause following strong gains.

Analysts pointed to recurring behaviour since 2022, where major buyers have shown clear price sensitivity, leading to intermittent periods of sideways movement. Despite the short-term moderation, Standard Chartered maintains a bullish longer-term view, projecting prices could climb as high as USD 3,500 within the next 6 to 12 months as central bank demand reaccelerates.

This article was written by Eamonn Sheridan at www.forexlive.com.