Commerzbank predicts gold to stay supported at $2000, but no record highs until Q2 2024.

Commerzbank has increased its year-end gold price target to around $2,000 an ounce, up from the previous target of $1,950 an ounce, and sees gold prices holding a steady average of $2,050 an ounce in the fourth quarter of this year and the first quarter of 2024. The bank warns that investors will probably have to wait until at least the second quarter of next year before gold sees a sustained break above its all-time highs. Although the Federal Reserve may not be looking to raise interest rates anytime soon, Commerzbank said it is unlikely they will cut rates this year.