(Kitco News) - While gold is on track to end its eighth consecutive session in negative territory as it falls to an eight-week low, one bank sees potential for still-lower prices in the near term but remains optimistic that prices will recover by the end of the year.
In the face of gold’s short-term downtrend, analysts at Commerzbank published a research note Friday, reiterating their call for gold prices to end the year at $1,250 an ounce.
June Comex gold futures last traded at $1,212.30 an ounce, down $8.10 on the day. Gold’s current losing streak is the longest since November.
While Asian demand hasn’t been supportive for the gold market, the Germany-based bank said that U.S. interest-rate expectations and the impact they have on the speculative gold market is the current dominant theme.