Higher Gold Prices Ending the Year

WikiFX News (25 July) -The gold market is seeing significant momentum with prices hitting a fresh nine-year high, pushing above $1,840 per ounce. One research company still expects to see higher prices through the end of the year.

In a report published Tuesday, James O Rourke, commodities economist of Capital Economics, indicated that his company now sees gold prices ending the year around $1,900 per ounce, higher than its previous target of $1,600 per ounce.

“We reckon that inflation breakevens will drift higher, back to pre-pandemic levels, as economies recover from their lockdown-induced slumps,” he said in the report.

Capital Economics also expects to see a weaker USD in the second half of 2020. This will provide another impel for gold, ORourke said.

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