Gold has bottomed, but not out of the woods – Refinitiv’s GFMS

Early signs of renewed professional interest in the market and an improvement in grassroots retail activity may signal that gold has reached its bottom and that prices are set to rise, the GFMS team at Refinitiv said on Friday, but warned that the yellow metal was not out of the woods yet. Refinitiv is forecasting an average gold price of $1 224/oz for the fourth quarter, leading to a yearly average for next year of $1 285/oz. The metal has garnered some support from trade tensions, but the organisation stated that neither these concerns, nor the continued bartering in the European Union had intensified or dissipated.