By Dana Sanchez
Gold prices reached a seven-year high of $1,600 per ounce this week, and some analysts predict the start of a new bull market for it as investors seek out its safe-haven status in uncertain economic times.
Analysts at Citibank Group Inc. said Wednesday that they believe prices could hit $2,000 an ounce in the next year, Financial Post reported.
“Although we have been bullish for an extended period, the pattern itself suggests a pullback is near,” Todd ‘Bubba’ Horwitz wrote in a Kitco commentary. “There is no reason to sell here; however, we wouldn’t be chasing gold higher with new money.”
Goldman Sachs said recently that gold prices could soon top $1,850 an ounce if the coronavirus outbreak can’t be contained by the second quarter, Marketwatch reported.
The coronavirus has killed 2,251 people and sickened 77,273, according to Worldometer.
Fears of economic fallout caused by the coronavirus and interest rate cuts by central banks could cause investors to hedge stock market risk by buying gold, Citibank Click here to read entire article