Gold on pace for its best year since 1979 — but one analyst thinks prices have peaked

Core Viewpoint - Gold prices are currently near $4,000 per ounce, showing stability after a significant sell-off last month, but future trends remain uncertain [1] Group 1: Current Market Conditions - Gold is on track for its best year since 1979, driven by central bank purchases and increased inflows into ETFs, as well as bar and coin purchases [1] - Despite this, gold is approximately 9% lower than its all-time high of over $4,350 reached last month [1] - October saw gold's largest daily drop in over a decade, although it ended the month with a roughly 5% gain [5] Group 2: Analyst Predictions - Analysts at Macquarie Group suggest that gold prices have likely peaked, with other central banks cutting rates ahead of the Federal Reserve [2] - Chief economist Ric Deverell indicated that with global growth rebounding and central bank easing cycles nearing an end, gold prices are expected to decline over the coming year, albeit at a slower rate than previous peaks [3][4] - UBS analysts maintain a target of $4,200 per ounce for gold over the next 12 months, citing potential upside to $4,700 per ounce due to rising political and financial market risks [6] - Goldman Sachs analysts predict gold will reach $4,900 per troy ounce by the end of next year, driven by ongoing structural buying and interest in gold as a strategic portfolio diversifier [7]