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Societe Generale forecasts gold prices to climb to $3,300 in fourth quarter
Societe Generale in its latest report notes the significant role of gold in the investors' portfolios amid growing doubts regarding the exceptionalism of the US economy. The bank's experts believe that average gold prices may reach about $3,300 per ounce in the fourth quarter of this year.
According to analysts, geopolitical instability continues to support gold as an important global currency. Societe Generale also singles out de-dollarization as a factor that could push the precious metal to $4,000 per ounce.
In addition, the end of US exceptionalism and expansionary fiscal policy in Europe result in US assets losing their attractiveness, Societe Generale believes. Thus, experts see potential in increasing euro and Japanese yen holdings, rotating out the dollar and reducing investments in US equities.
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