Ole Hansen, head of commodity strategy at investment platform Saxo, stated, "Having reached our already once revised higher target for 2024, the big question is whether gold has more fuel left in the tank to drive it even higher? The answer to that, in our opinion, is a yes for various reasons, most of which are unlikely to go away anytime soon." This highlights the expert's belief in gold's price resilience and potential continued growth due to various economic factors.
Hansen mentioned, "Gold's almost uninterrupted rally from a USD 1,810 low last October continues, culminating on Friday when the yellow metal rose above USD 2,500." This emphasizes the significant price increase and ongoing demand for gold.
He pointed out that geopolitical risks surrounding key events like the US election play a crucial role, saying, "the most important being: Geopolitical risks related to Russia/Ukraine, the Middle East and not least uncertainty regarding the November US presidential election." This underlines the impact of global and political uncertainties on gold pricing.
Discussing the factors driving demand, Hansen stated, "Strong retail demand in China amid the desire to park money in a sector seen as relatively immune to a struggling economy and property woes and the outside risk of the Yuan devaluing." This indicates the influence of international markets on gold investments.
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