A slowing global economy, stock market turmoil, delays to interest rate rises an...
LONDON - A slowing global economy, stock market turmoil, delays to interest rate rises and potential U.S. dollar weakness are expected to boost average annual gold prices to their highest since 2013, a Reuters poll found.
The forecasts were higher than those from a similar poll three months ago which saw averages of $1,305 this year and $1,350 in 2020. But analysts said slowing global economic growth, the increasing likelihood of stock market corrections, a pause in interest rate rises and a likely weakening of the dollar would bring money back to the metal.
Higher interest rates are bad for gold because they raise bond yields, making non-yielding bullion less attractive to investors. But it suggests gold will struggle to break convincingly above recent peaks of $1,374.91 hit in 2016 and $1,366.07 last year – which together form strong technical resistance.“ with central banks buying more and more gold ... interest rates staying low and economic perspectives looking dull, gold will eventually go up,” he said.
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