Gold price to climb regardless of election result, analysts say

Gold price to climb regardless of election result, analysts say

Image courtesy of the Federal Reserve Bank of Atlanta. Gold has been on the rise in 2020, catching widespread attention as it rallied to a record-breaking $2,000 per ounce earlier this year.

Though its price has since pulled back to around $1,900, it has remained at historically high levels amid low to negative interest rates and economic uncertainty related to the ongoing covid-19 pandemic, the analysts wrote in a note.

Making a bull case, Haywood analysts pointed to a “fragile” US economy and ongoing central bank “money printing” to lift expectations for inflation and put pressure on the US dollar. With that in mind, they suggested investors buy dips in both gold and silver equities.

Analysts at UBS took a similar view in a recent note outlining their thoughts on factors supporting gold and how it may trade into 2021. One clear driver has been investment demand, UBS analysts said, with cash […]

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