Fitch's BMI raises 2025 gold price forecast to $3,250/oz, maintains slightly bullish outlook

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* Fitch's BMI revised up its 2025 annual average gold price forecast to $3,250/oz from $3,100/oz previously, and is neutral to slightly bullish for the remainder of 2025.
* It expects gold to trade between $3,200/oz – $3,600/oz for the rest of 2025.
* In the longer term, BMI expects gold prices to remain elevated in the coming years compared to pre-COVID levels. Spot gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) was trading around $3,335.20 an ounce on Thursday.
* Since mid-April, gold has largely traded sideways between $3,200/oz and $3,400/oz through August. Despite trade tensions easing (with more trade deals being announced) and political risk abating (with the ceasefire between Iran and Israel), gold showed little inclination to decline, the brokerage said.
* It also notes increasing "desensitivity towards a weaker US dollar and lower bond yields, with market participants appearing to have largely priced these in."
* Further upside risks could stem from a severe escalation of the Israel-US war against Iran, the Israel-Hamas war, or the Russia-Ukraine war that would add significant impetus to gold price strength as investors flock to safety, analysts added.

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