Business Bank ABN AMRO expects gold prices to ascend to £1,535 ($2,000) imminently. Its senior precious metals strategist, Georgette Boele says it is only a matter of time until that level is hit, given the recent unstoppable bull run and wealth of supporting external factors. She said, “It is likely that gold prices will test $2,000 per ounce in the near-term.”
Opportunity to buy now on record high
Gold prices hit a record high during overnight trading on Tuesday, peaking at £1504.01 ($1,974.70) but this has created a real window to buy as short-term profit taking means you can buy the dip if you act quickly. We have heard repeatedly from experts in recent months urging investors to buy the dip when it appears – meaning now is a prime moment to buy now.
With talk of a second wave taking place in Europe and the weaker dollar, stock markets have been mixed – all market conditions support gold so the dip isn’t likely to last long.