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Gold to remain stong, silver expected to rise

ByVictoria

Gold prices firmed on Wednesday as investors stayed cautious amid lingering uncertainty over the U.S.-China trade truce and waited for key U.S. inflation data for clues on the Federal Reserve’s interest rate trajectory.

Spot gold XAU= was up 0.3% to $3,330.69 an ounce at 1122 GMT. U.S. gold futures GCcv1 were up 0.3% to $3,351.60.

“Gold should remain supported as long as global trade tensions risk escalating further, or even just staying elevated for longer.”

“We expect silver to reach $38/oz in the coming months. Market deficit considerations and a weaker USD hold the key for even higher prices – a test of $40/oz is possible,” UBS said.

Source – Reuters

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    “We believe the demand is across the board. We see institutions either adding to or establishing long term strategic asset allocation type positions. We see individual investors doing the same. We see a certain amount of FOMO. There’s a fear of missing out whenever the price gains momentum to the upside” George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, told FOX Business.

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