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Gold Price May Reach Up To $1,400 This Year

April 17, 2019 | Wednesday

Commodities

   

This year, according to a base metal expert, gold price estimated to go higher. That mainly led by the Federal Reserve's inferior stance for the interest rates. At the same time, the present global uncertainties.

A number of banks have been purchasing gold at new heights which last seen 50 years before. That of which is an act to widen diversification of reserves far from major currencies. That includes the U.S. dollar.

Currently, there are concerns on the global economy and the issues including trade war among the United States and China. That of which usually benefits gold considered the safe haven. Oppositely, might drive prices to incline or retain within the market during the commotion.

On Tuesday, spot gold trade price was at $1,286.646 per ounce at about 06:45 GMT. According to Martin Huxley, INTL FCStone Inc. head of precious metals (Singapore), prices were somehow steady within the range of $1,217 to $1,330.

During an interview, Huxley said that gold is to expect "to continue to trade pretty much within" the said range for months. However, he added, for more than the "second half of the year" expect gold price "to grind higher." Moreover, he explained, there is a "potential" to reach about "$1,400 towards the end of the year."

According to Huxley, the Feds signal for no more interest rate hikes this year. In which support in boosting the outlook for base metals especially gold. Huxley added, "there won't be any interest rate rises this year." According to him, there may be a few "supportive for the precious metals sector."

Related article...Dollar Price Heaps As Feds Consider Long Rates halt

Elsewhere, with a similar view to Huxley's, Suki Cooper, metals expert at Standard Chartered said during March that she estimated a pool of prices to shift higher in 2019.

In an interview, Cooper said, "we expect gold to end the year on a strong note." She further explained that within the fourth quarter, the market might witness gold prices are working its way towards the "highs." In which are mostly seen in 2018 and in 2017. There are possibilities in marching the highs five years ago