Gold To Top $1,300 In Next 3 Months, Rise 10% In 2019 - Goldman Sachs
Monday, 14 January 2019 22:00 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold will continue to shine as a safe-haven asset with prices pushing above $1,300 an ounce within the next three months, according to juggernaut investment firm Goldman Sachs.

Thursday in a note to clients, Jeff Currie, global head of commodities research at the bank, said he was raising his gold price forecast for 2019 as growing recession fears continue to ripple through financial markets.

He added that central-bank gold demand, which saw strong growth throughout 2018, will continue to be a dominate theme in the marketplace.

œGoing forward gold will be supported primarily by growing demand for defensive assets. The same is also true of central-bank buying, with rising geopolitical tensions incentivizing more central banks to re-enter the gold market," he said.

In its updated forecast, Goldman Sachs now sees gold prices pushing to $1,325 an ounce within three months, rising to $1,375 in six months and pushing to $1,425 an ounce by the end of the year. The new outlook is an upgrade from its previous three-month, six-month and 12-month forecasts of $1,250, $1,300, and $1,325 respectively.

Goldman™s 2019 year-end target represents a gain of nearly 10.5% for the year. Gold prices have remained stubbornly firm around its recent six-month highs. February gold futures last traded at $1,290.40 an ounce, up 0.24% on the day.

Currie's comments come as gold prices saw significant investor demand in the fourth quarter. Last month was a particularly strong for gold as the bank noted that equity markets saw unprecedented weakness, the worst December since 1931.

Currie also noted that data is starting to signal a growing risk of a slowdown in the U.S. economy, which will be supportive for gold.

œThe last few weeks have seen a sharp deterioration in risk sentiment following soft macroeconomic data in December and renewed concerns about the future direction of growth, particularly the risk of U.S. growth catching down towards weaker economies, he said.

Currie is also positive on gold as it looks like the Federal Reserve is ready to halt its tightening cycle. Thursday, Federal Reserve Chairman Jerome Powell reiterated his earlier stance that because of tame inflation pressures, the central bank can afford to be patient to wait and see how the U.S. economy will perform.

Currie noted that at this stage in the business cycle, gold has less to fear from further monetary policy tightening.

œWe find that as the hiking cycles mature, the usual (negative) correlations between these indicators and gold starts to weaken, or even turn negative," he said. "This is because gold begins to price much more off fear of the next recession than off the opportunity cost of holding gold...

Source: Kitco

RELATED NEWS

Wall St., Main St. Look For Gold Prices To Tick Higher
Monday, 8 April 2019 12:06 WIB

Blok suara terbesar di Wall Street dan Main Street menantikan harga emas untuk naik selama minggu ini, menurut survei emas mingguan Kitco News. Tiga belas profesional pasar mengambil bagian dalam survei Wall Street. Tujuh peserta, atau 54%, menggambarkan diri mereka sebagai bullish untuk minggu ini...

Gold Ekes Out 1.3% Gains For Q1 2019
Monday, 1 April 2019 15:14 WIB

œKesabaran telah menjadi mantra terbaru bagi investor emas karena logam kuning telah berjuang untuk menemukan momentumnya sementara kuartal pertama 2019 telah berakhir. Harga emas mencari untuk menutup minggu lalu di wilayah negatif, mengakhiri kemenangan beruntun tiga minggu. Meskipun reli ya...

Fed Meeting Will Not Be The Spark To Push Gold Prices Higher - Analysts
Monday, 18 March 2019 15:30 WIB

Sekali lagi pasar emas menambah kenaikan mingguan karena harga diperdagangkan di sekitar level psikologis kritis $ 1.300 per ons. Namun, menurut beberapa analis, pasar tidak memiliki katalis untuk mendorong harga ke level tertinggi 10 bulan pada bulan lalu. Meskipun turun dari posisi tertingginya, ...

Wall St. Bearish, Main St. Bullish On Gold Prices
Monday, 4 March 2019 14:52 WIB

Wall Street dan Main Street sedikit terpecah kemana arah tujuan emas pada minggu ini, menurut survei emas mingguan Kitco News. Blok terbesar pemilih Wall Street menyerukan harga yang lebih rendah, sementara Main Street tetap bullish. Enam belas profesional pasar ikut serta dalam survei Wall Street...

Wall St., Main St. Still See Gold Bull Running Strong
Monday, 25 February 2019 16:52 WIB

Wall Street dan Main Street dengan tegas mengungkapkan bullish pada emas dalam waktu dekat karena logam mulia menunjukkan kenaikan kuat pada pekan lalu, mencapai puncaknya pada level tertinggi 10 bulan. Meskipun harga mengakhiri minggu kemarin pada level tertinggi, banyak analis telah mencatat bahw...

ANOTHER NEWS
GBP/USD Off Lows, Finds Some Support Ahead of 1.30 Mark Post-UK Retail Sales
Thursday, 18 April 2019 16:29 WIB The GBP/USD pair quickly recovered around 20-pips and reversed a major part of its early slide to near two-week tops on upbeat UK macro data. The pair failed to capitalize on its early uptick to mid-1.3000s and met with some fresh supply amid a...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.