Stock image. Spot gold declined 0.3% to $1,873.08/oz by 1:50 p.m. ET Wednesday. US gold futures were down 0.6% to $1,872.60/oz in New York.
In the near term, gold doesn’t have a clear catalyst to lift or drag on prices, analysts Mikhail Sprogis and Jeffrey Currie said. Yet, the precious metal is poised to break out in 2021 as inflation concerns take center stage, they added.
Goldman has set a $2,300/oz price target for gold, which equates to a 22% rally from current levels over the next 12 months and another all-time high. Long-term inflation
Gold prices typically fall when interest rates climb, but the 2008 recession showed the market focusing more on short-term rates. Even as longer-term rates moved higher, gold rose in the wake of the financial crisis as concerns around policy-fueled inflation lifted demand, according to Goldman.The metal will follow the same path next year, Goldman analysts said. […]
November 19, 2020 (updated November 19, 2020) Published by StockMan