Gold Price News and Forecast: XAU/USD set to hit a record high in the next 6 to 9 months

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD struggles for a firm direction above $1,800

Gold recedes from $1,811 to $1,807.68, currently around $1,808.50, during the early Monday morning in Asia. In doing so, the yellow metal stays mildly positive inside a choppy range around $1,800. The fears of the coronavirus (COVID-19) and the Sino-American tussle join the European Union (EU) leaders’ inability to agree over the much-awaited stimulus. On the contrary, gains in equities as well as the multi-year high price level keep the traders cautious.

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Gold: Set to hit a record high in the next 6 to 9 months

Analysts at Citigroup cite four key reasons behind gold’s next leg higher to a record high in the coming months. Key quotes: “The price of gold will hit a record high in the next 6 to 9 months. Assess a 30% probability it would go above $2,000 in the next 3-5 months. Citing “loose monetary policy, low real yields, record ETF inflows and increased gold asset allocation.”

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