Gold prices may rally to a new record in next 2 years


SINGAPORE: Gold prices may rally to a new record above $2,000 an ounce in next 2 years, according to the Citigroup Inc., which gave a laundry list of the positive drivers including rising risks of a global recession and likelihood that Federal Reserve will reduce U.S. interest rates to 0.

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They expect spot gold prices to the trade stronger for longer, possibly breaching around $2,000 an ounce and posting new highs at some point in next 2 year.

Low or lower-for-longer nominal and the real interest rates; global recession risks — exacerbated by the US-China trade tensions; and sensitive geopolitical rifts are “combining to buttress a strong gold market environment.

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