Gold: In midst of a multi-year bull cycle – Citibank
|According to the analysts at Citibank, gold prices are likely to consolidate in the near-term before resuming its advance once again.
Key quotes
“Gold prices are likely to be non-linear.
Prices may consolidate around the US$1,600/oz area in 3Q, before advancing again.
Forecasts are for 2020 prices to average between USD1,625 - USD1,775/oz,
2021's prices may average US$1,925/oz.
Gold markets appear to be in the midst of a multi-year bull cycle.
Gold likely to trade in a higher range.
Lower for longer interest rates with QE in full swing, potential lingering macro uncertainty (COVID-19 impacts and new wave of US-China tensions) and strong investor flows could continue to support gold prices and offset weakness in Asian jewellery demand. “
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