Gold rose has just begun!Dutch International Group： The Federal Reserve's interest rate cut ＂inflection point＂ will come to the gold price next year to US $ 2,700

24K99 News Dutch International Group (ING) said that the rise of gold has just begun.The agency raised the forecast of gold prices and believed that the average gold price in 2025 was $ 2,700.

ING pointed out that since this year, gold has been one of the best products in major commodities.So far this year, gold has risen by more than 20%, thanks to the Fed's interest rate cut, the central bank's strong purchase, and strong Asian purchases.The risk of geopolitical situations and the risk aversion needs brought by the uncertainty before the November US election have also supported the rise of gold this year.

At the Jackson Hall conference held recently, Fed Chairman Powell showed the bank to cut interest rates on September 18, and said that "it is time for policy adjustment, and the direction of progress is clear."

After Powell confirmed that the Fed will start to cut interest rates soon, the price of gold rose.Low borrowing costs are good for gold because gold does not pay interest.Since July 2023, the Fed has maintained key policy interest rates in the target range of 5.250-5.5%, which is the highest level in more than 20 years.

Now the problem facing the gold market is the pace of the Fed's relaxation policy.The latest US employment data is semi -sophisticated, which has exacerbated the continuous debate about the Fed will cut interest rates at the September meeting.ING American economist believes that the Fed will choose 50 basis points to cut interest rates, but the results may be far from.

The Federal Reserve is preparing to cut interest rates, and gold has a new high:

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(Source: ING)

ETF funds have become positive after many years of outflows:Jaipur Stock

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(Source: ING)

Gold ETF demand has also recovered. Global Gold ETF has flowed in for four consecutive monthsJaipur Stock. All regions are recorded in flow. Western funds lead in August.

When the price of gold rises, the gold ETF held by investors usually increase, and vice versa.However, most of the time in 2024, the holdings of gold ETF have been declining, while the price of spot gold has reached a new high.ETF traffic finally turned to a positive value in May.

The total net bulls of COMEX also continued to rise. In August, the ringwriting increased by 17%, the highest at the end of the month since February 2020.

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(Source: ING)

Although the price of gold rose, the central bank's gold demand in July still increased.Data from the World Gold Association show that the net purchase volume of central banks in various countries in July doubled more than 37 tons.A month -on -month increase of 206%, the highest monthly purchase volume since January (totaling 45 tons of central bank purchases).

National Bank of Poland is the largest buyer of the month, followed by the Central Bank of Uzbekistan and Indian Reserve Bank.

In 2023, the central banks of various countries increased by 1037 tons of gold.Looking forward to the future, ING predicts that under the current economic environment and geographical tensions, the central bank's demand will remain strong.

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(Source: ING)

In the summary of ING, I looked forward to: "We believe that the long -awaited Federal Reserve interest rate cuts will promote a new high price. We believe that the November Presidential election will continue to increase the rise of gold prices until the end of the year.One of the key factors."" "

"Now we expect the average gold price in the fourth quarter will be $ 2,580, and the average annual price will be 2388 US dollarsJaipur Investment. Next year, the price of gold will continue to riseKolkata Stocks. The average gold price in 2025 will be $ 2,700."Kanpur Stock

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