Gold price outlook revised up as speculators increase exposure and Fed cuts rates.

Dutch bank ING predicts that gold prices could average $2,000 an ounce in Q4 2023 as speculators increase their exposure and the Federal Reserve cuts rates. ING's head of commodities strategy, Warren Patterson, expects a pullback in prices in the short term but sees gold prices moving higher over the second half of the year. The bank does not rule out another 25-basis-point rate hike in May but sees rate cuts in the second half of the year, with a predicted cut of 75bp in Q4. Central bank gold buying will also remain a driver this year.