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Macquarie Upbeat About Gold Prices Climbing to New High of US$3.5K in 3Q
Recommend 4 Positive 21 Negative 5 |
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Macquarie predicted that gold prices may surge to a historic high of US$3,500 per ounce in 3Q, given that gold's appeal as a safe haven is continuously strengthening and concerns over a potentially deepening US deficit will provide further support. During this period, the average gold price may hit US$3,150 per ounce. Gold prices have already snowballed by 12% YTD amid geopolitical uncertainties and the impact of US tariff policies. In Macquarie's view, the deteriorating US budget outlook implies that inflation may escalate, which is conducive to gold as a hedging tool. Spot gold last printed at US$2,936.47 per ounce, up 0.06%. In contrast, gold futures for April inched down by 0.08% to US$2,944.4 per ounce. AAStocks Financial News |
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