Gold prices fall below $4,500 amid Fed rate hike fears; TD Securities cuts forecasts for H2 2024.

Gold prices dropped below $4,500 an ounce as rising expectations of Federal Reserve interest rate hikes pressured the market. TD Securities downgraded its gold price forecasts for the third and fourth quarters of 2024, citing higher inflation driven by Middle East tensions and energy price spikes. The bank sees risks of gold falling to $4,000 if oil prices stay above $100 a barrel but expects prices to recover by mid-2027 as inflation eases and rates decline. Meanwhile, TD Securities remains bullish on silver and platinum group metals, forecasting price gains due to supply deficits and increased demand following geopolitical conflicts.