'See a positive picture for the commodity complex in 2019'

Demand for gold should be strong in the first quarter due to seasonal factors, tied to buying around celebrations in key gold-consuming nations, like India and China.

Gold prices are set to rise next year as the Federal Reserve slows its pace of US interest-rate hikes, yet we do not expect the yellow metal to run away to the upside either since the economy will remain strong.  In a widely anticipated decision, the U.S. central bank hiked interest rates by 25 basis points on Wednesday. But what took markets by surprise was the Fed's commitment to retain the core of its plan to tighten monetary policy, despite rising uncertainty about global economic growth. Gold prices have tended to rise as real yields fall, and vice versa.

Demand