Institution: Gold Prices May Reach $5,000 Per Ounce by Early 2027

According to a report by State Street Investment Management strategists on July 2, as reported by Golden Finance, gold prices could reach $5,000 per ounce by early 2027 due to the continued bullish cycle of gold. They believe that rising U.S. government debt may bolster gold's position as a currency hedging tool, while actual demand for gold remains strong. The global gold fund holdings (which account for a portion of global mutual fund and exchange-traded fund assets) are currently still below State Street's target range of 3% to 10% for most portfolios. Additionally, they noted that the Federal Reserve's hawkish pivot should not alter gold's structural trend in the post-pandemic era. State Street expects the base price of gold bullion to rise to $4,750 to $5,500 per ounce within the next six to nine months. (Jin10)