- Gold’s volatile push above $2,400 last week could represent the precious metal’s high water mark for the year as markets adjust to expectations that the Federal Reserve will maintain its aggressive monetary policy longer than expected, according to one research firm.
Bain said she is maintaining her year-end gold price target of $2,100 an ounce. At the same time, she sees silver prices ending the year at around $26 an ounce. “Other safe-havens, such as the Swiss Franc, have not been performing strongly, and there have been persistent outflows from European gold ETFs,” she said.
“Chinese investor interest in gold is not so surprising given that potential investment opportunities in China have narrowed given the downturn in property valuations and plunge in equity prices there over the past couple of years,” she said. “That said, we expect the Chinese frenzy around gold to eventually fizzle out, and for the more traditional drivers of prices to take up the reins later in the year.
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