24 April | Gold

TD Securities analyst says gold is undervalued

TD Securities analyst says gold is undervalued

The price of gold has recently rebounded after reaching a record high of over $3,500 per ounce. However, according to Bart Melek, an analyst at TD Securities, the metal's rally is just beginning—gold is still significantly undervalued.

The expert's inflation-adjusted target price for gold is $3,544 per ounce, though he says it could reach even higher levels. Melek added that $3,100 is an important support for a possible correction.

The analyst expects weak economic growth in the US to lead to lower Federal Reserve interest rates and a subsequent increase in gold demand. Additionally, investors will see the precious metal as a safe haven in case of a stock market downturn.

Melek also draws attention to significant investment demand for gold exchange-traded funds (ETFs), particularly in China, where traders are trying to protect their wealth from the impacts of global trade tensions.

Finally, Melek adds that demand from central banks worldwide continues to support gold prices amidst the dollar's declining reliability as a reserve currency.

Anton Volkov MarketCheese
Period: 17.07.2025 Expectation: 26000 pips
Institutional investor demand could push ETHUSD to 3,000
Yesterday at 10:38 AM 33
Period: 16.07.2025 Expectation: 2000 pips
USDJPY prepares to retest 148 Level
Yesterday at 08:19 AM 36
Period: 16.07.2025 Expectation: 900 pips
NVIDIA shares rise amid global AI infrastructure investments
09 July 2025 63
Period: 15.07.2025 Expectation: 800 pips
Breaking downtrend could push USDCAD to 1.375
09 July 2025 40
Period: 14.07.2025 Expectation: 1600 pips
Upcoming “Crypto Week” to boost bitcoin prices
08 July 2025 107
Period: 15.07.2025 Expectation: 400 pips
Selling AUDUSD targeting 0.65000 amid limited growth and technical weakness
08 July 2025 52
Go to forecasts