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Happy days for gold as investors continue to flee markets

Gold continues to be the darling of investors fleeing the continued market uncertainty with prices staying above the $US1,700/oz mark since the middle of last week.

Thanks to the favourable (for companies with gold assets at least) exchange rate, the Australian price for gold is currently at $2,693.86 per ounce.

And the outlook remains bullish.

The ongoing COVID-19 pandemic has led central banks around the world to inject cash into their economies in a bid to calm markets with the predictable result of devaluing their currencies, sending investors scrambling to protect their money by buying gold.

Analysts have thrown out increasingly outlandish predictions about how high gold prices could go with TD Securities saying it could hit $US1,900 per ounce in three months, while the Bank of America is shooting for some pie in the sky numbers, lifting its 18-month price target from $US2,000 per ounce to $US3,000 per ounce.

What seems certain is that there are more gains ahead, with more stimulus programs to prop up the economy likely.


Gold Price $3000 'Not Just a Catchy Headline' as Central Banks Fight Virus-Crisis Depression.