The value of gold might exceed $ 1,920 an oz. by the tip of this 12 months, beating an all-time report set in 2011, in line with Peter Hug, international buying and selling director of Kitco Metals.
“Brief-term, particularly given the seasonal elements, [gold prices] have a little bit of softness, however by year-end, I believe the 2011 excessive in gold, which is $ 1,920, will probably be there or larger,” Hug mentioned.
Based on the market veteran, whereas pandemic fears are nonetheless removed from over, many basic dangers to financial progress are prone to stay till at the very least subsequent 12 months.
Extended harm to the economic system might see one other correction in equities and danger belongings, Hug mentioned, including that gold could also be pulled down with shares earlier than one other rally takes place.
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“I don’t suppose that might be bullish for the metals. I believe the preliminary response for the metals can be decrease as individuals start to panic and begin to increase money,” he mentioned.
The value of gold hit a report excessive of $ 1,920.70 in August 2011. On Thursday, the dear metallic was buying and selling at $ 1,722 per ounce.
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