Top Perfoming Save Haven Commodity

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The price of gold could hit a record high of $2,000 an ounce within the next two years as US economic growth fades and the Federal Reserve cuts interest rates, according to analysts at Citigroup.

We can track a big bullish cycle in gold. Since the beginning of the year we can observe that XAUUSD possibly entered into a final wave V of 5 waves bullish cycle.

The New York-based bank said in a Monday research note that the precious metal could top levels last seen eight years ago, when gold surged to $1,900 an ounce, as uncertainty over the 2020 presidential election combines with a sputtering domestic economy.

Investors around the world have been drawn to gold at a time of negative bond yields, which have increased the appeal of yieldless assets such as gold. Around $15.3tn of bonds are trading at levels that guarantee buyers a loss, if the bonds are held to maturity. The gold price has risen by 2.5 per cent since 1st of January to trade at $1,558 a troy ounce,

Citi said a combination of lower rates, growing risks of a global downturn, and strong demand among central banks could push prices higher still.

Big foreign-exchange holders such as China, which has $3.1tn in reserves, have been keen to diversify their portfolios to limit exposure to the US dollar. China’s central bank has bought $4.8bn worth of gold over the past year 2019.

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