Gold solidifies its breakthrough over $ 1,500, with investors beginning to position themselves for 2020. Concerns over the trade war are diminishing, and some gains in risky assets are observed around the holidays. Silver, along with platinum and palladium, follow gold upwards.
For the fourth consecutive day, gold is advancing, the best run of precious metal since October. The rise in price has been accompanied by speculation that the Fed will continue to cut interest rates next year.
Precious metal is already up 17% this year, on track to record its best annual performance since 2010. Concerns over negotiations and the monetary policy of banks have directed smart money towards metal.
As the new year approaches, the prospects for gold remain mixed. JPMorgan believe it will start to fall in price as the global economy regains momentum. Among the bulls, Goldman Sachs and UBS estimate gold will rise to $ 1,600 an ounce.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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