The executive director of Standard Chartered Precious Metals Research, Suki Cooper has reiterated that they expect to see gold reaching $1510 before the end of the year. Standard Chartered expect the precious metal to get stronger and stronger moving into December, with further price gains on the table for 2020.
Cooper says, “It is likely to be later on this year where we see gold prices really finding their footing above $1,500 level.” Cooper adds that this is expected to rise to $1,600 by the end of 2020 with yield curve weakness driving the increases. She adds, “If we look at the key driver for the gold market for much of this year, it’s really been tracking real yields very closely. That correlation on a three-month rolling basis has been as high as 80%.”