Montreal Bank: Lowering gold target price to $4625 per ounce this year, Fed rate hikes are the biggest threat.

With the latest hawkish stance from the Federal Reserve causing an impact on the market, the price of gold continues to hover near its lows for the year. At the same time, following Goldman Sachs and Deutsche Bank, another international investment bank has also lowered its gold target price. Montreal Bank Capital Markets stated in its third quarter commodity outlook report that they expect the average gold price for the second half of this year to be around $4625 per ounce, a 5% decrease from previous expectations. BMO pointed out that with the market starting to actively price in the possibility of rate hikes before the end of the year, US monetary policy remains the biggest and most urgent threat to gold and silver prices.