Gold Price to Hit Record $2,200 Before 2020 Ends?
Even as the price of gold has fallen below $1,900 per ounce at the time of this writing, after skyrocketing to an all-time high of around $2,075 per ounce in August, Citigroup believes the yellow metal could be headed for the next leg of the rally.
In its latest quarterly-commodities outlook report, Citigroup said gold prices could hit a record $2,200 per ounce in the near term (0 to 3 months) and $2,400 per ounce over the next 6 to 12 months. Citi lifted its erstwhile 2021 estimated "base case gold price" projection by roughly $300 per ounce to $2,275 per ounce.
Gold prices took off this year as investors flocked to the safe-haven asset amid fears of the impact of the coronavirus disease (COVID-19) pandemic on the global economy. Gold stocks have taken to the skies in response: Shares of the two largest gold miners in the world, Newmont Corporation (NYSE: NEM) and Barrick Gold (NYSE: GOLD), have rallied 46% and 53%, respectively, year to date, as of this writing.
Source Fool.com
