Gold Price Forecast: XAU/USD extends gains nearing $4,200 as US Dollar struggles
Gold (XAU/USD) heads north for the second consecutive day on Friday, trading near $4,180, with bulls aiming for the $4,230 area, the top of October’s trading range.
Nordea strategists have lowered their forecast for the EUR/USD exchange rate to 1.10 by the end of 2027, projecting a test of 1.08 in the first half of 2027. They anticipate a recovery to 1.14 by the second half of 2027 and a further rise to 1.20 by the end of 2028. The analysts believe the rate movement is primarily driven by the US Dollar's strength against the Euro, supported by factors such as rate differentials, AI-related inflows, and European political risks.
Nordea maintains a constructive outlook on the US Dollar's positioning relative to the Euro over the next six to nine months, citing a strong US economy and two more Federal Reserve rate hikes as key drivers.
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