ING: Gold Price Could Hit $5,000, Iran Situation and Inflation Data Key Variables

BlockBeats News, May 11th, according to ING Group analysts, despite the short-term market volatility still being affected by the US-Iran situation, the gold price could still rise to $5,000 within the year.

The analysis pointed out that the short-term gold price trend is mainly driven by real interest rates, the US dollar trend, and Fed policy expectations, but as the related pressures ease, gold's medium- to long-term support is expected to return. If the Iran conflict achieves lasting de-escalation, it will be a key trigger for gold to continue its uptrend.

The current market is focusing on the upcoming US CPI inflation data to find clues to the interest rate path. As expected, gold futures edged up 0.1% to $4,736 per ounce.