When we projected the gold price to reach USD 2,100 in Q1 2024 just over a year ago, we faced significant exposure. The market was assuming a negative trend due to the high interest rate environment. The interest rate hike cycle was still in full swing in the euro area and not yet fully completed overseas. Our optimism during that period was grounded in persistent inflation expectations and the presence of weak (US) and negative (euro area) real yields. Even the sharp rise in yields over the course of 2023 did nothing to dampen the robust gold price trend. With steadily declining inflation rates, the stagflationary tendencies are now gradually subsiding and the question is, what happens next? We believe that the classic drivers — the prospect of lower interest rates, geopolitical tensions and strong demand from central banks as well as residual economic risks — are now being joined by another buying motive: Gold as a hedge against a price correction in other risky assets. |
The equity recommendation list shows the current recommendations as well as a few key figures for the individual stocks analyzed by Raiffeisen Research. |
The equity recommendation list shows the current recommendations as well as a few key figures for the individual stocks analyzed by Raiffeisen Research. |
The equity recommendation list shows the current recommendations as well as a few key figures for the individual stocks analyzed by Raiffeisen Research. |
The equity recommendation list shows the current recommendations as well as a few key figures for the individual stocks analyzed by Raiffeisen Research. |