Analysts at RBC Capital Markets remain cautious about gold, considering it overvalued after reaching record highs last month. According to experts, gold is overvalued in terms of key macroeconomic factors, and that there are unrealized vulnerabilities in the gold rally. They stress that the current high levels of gold are not justified. The main driver of the recent gold rally was high demand from global central banks. However, the pause in China's gold purchases indicates a potential vulnerability. Analysts believe that demand from central banks will remain high, but recommend caution regarding volumes at record prices. Some market participants expect lower rates this year and use economic data as an excuse to invest in gold. Nevertheless, RBC analysts prefer to stay on the sidelines in the short term, waiting for better opportunities. A survey of central banks conducted by the World Gold Council showed that 68% of central banks expect their gold reserves to remain unchanged over the next 12 months, while 81% believe that the total volume of gold reserves will increase.
PAUTAN SEGERA