A new report! How high can gold go amid international | Australian Markets
Gold’s burgeoning safe-haven attract may even see it surge to a report high of $US3500 an ounce during the third quarter, based on Macquarie Group analysts.
Bullion may average $US3150/oz over that period, analysts led by Marcus Garvey stated in a word. The dear steel — which was trading round $US2940/oz in a single day Thursday — will get additional help from considerations about a doubtlessly growing US deficit, they stated.
Bullion has risen by 12 per cent this yr, pushed by uncertainties round geopolitics and US President Donald Trump’s tariff insurance policies. A worsening US price range outlook is signalling inflation may increase, which might benefit gold as a hedge, based on Macquarie.
“We view gold’s price strength to date, and our expectation for it to continue, as primarily being driven by investors’ and official institutions’ greater willingness to pay for its lack of credit or counterparty risk,” the analysts stated.
There may be “ample scope” for bullion-backed exchange-traded funds to increase holdings, they stated. Gold may even discover extra help from the bodily market — jewelry, bars, cash and technology — which has held up regardless of elevated costs, they added.
Final month, Goldman Sachs raised its year-end gold goal to $US3100 an ounce, whereas Citigroup stated earlier in February that it anticipated costs to hit $US3000/oz within three months.
Bloomberg
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