NEW YORK (Reuters) – Gold prices are expected to reach $ 1,400 by the end of the year, owing to the US Federal Reserve's less aggressive policy on long-term global interest rates and uncertainties, experts estimate.
The spot gold price reached $ 1,286.6 per ounce this morning, CNBC said.
Martin Hacksley of Singapore's INTL FCStoun said gold prices ranged from $ 1,217 to $ 1,330 over a long period, but that could change.
"We can expect gold to continue trading in this range in the coming months, but in the second half of the year we can expect the price to rise to $ 1,400 by the end of the year," he added.
Central banks around the world are buying gold in quantities not seen in the last 50 years as part of the diversification of reserves and withdrawal of individual currencies, including the US dollar, CNBC said.
Concerns about the global economy and geopolitical issues, including a trade war between the US and China, have contributed to an increase in uncertainty, which often goes hand in hand with gold that is considered a "safe haven" or asset that tends to hold or increase its value even during turbulence. in the market.