Report: Gold price may rise to $1,350-1,400 an ounce this year - ANALYSIS

Baku. 7 January. REPORT.AZ/ Gold price in the global market has hit a new record, slightly exceeding $1,300 an ounce last week and further went down to $1,285 an ounce. 

Report’s analytical group believes that the temporary rise in gold price was caused by weak indicators on US industrial products.

This factor weakened confidence in the US economy, including dollar, and led to an increase in gold price, which is closely linked to the dollar exchange rate However, dollar rate went up again and gold price dropped by about $15 on the back of  positive statements from US officials on jobs and wage increase.

Among other factors affecting gold prices and promoting their rise for nearly a month are the Brexit-related uncertainty, continuing US-China trade war, expected global economic slowdown. It all caused anxiety among investors who decided to turn their eyes on gold as a more secure instrument of investment.

Report’s analytical group believes that the gold price may decline to $1,200-1,250 an ounce as a result of positive economic indicators demonstrated by the United States within the next three months and rise up to $1,350-1,400 an ounce till September 1.