The European Union launched a recovery fund this week, with a lot of hot money flowing into the gold market. At the same time, the market will be full of expectations for the US fiscal stimulus plan. In addition, the uncertainty of the US election, the extremely loose policies of the Federal Reserve and other major economies central banks, as well as the expectation of a slow economic recovery under the influence of the epidemic situation, have pushed up gold prices.
The latest survey shows that gold prices will continue to rise to record highs in the next 18 months as investors hoard gold to hedge against possible turbulence in the broader market. However, respondents said the downturn in jewelry sales in Asia and the prospect of economic recovery will hinder further gold price rise.
Most analysts are still bullish on gold. Goldman Sachs said gold could reach $2000 in the next 12 months, and Citigroup believes there is a 30% chance that the price will break through that level by the end of this year.
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