According to a recent survey released by Bloomberg on Thursday (January 10), the weak dollar may help the price of gold break through the resistance at $1,300 per ounce, gold traders andAnalystBullish gold for the ninth consecutive week.
According to Huixin, among the 18 gold traders and analysts surveyed by Bloomberg, 10 are bullish, 2 are bearish and 6 are flat.
As of the Bloomberg survey, spot gold has risen 0.6% so far this week to $1,293.38 per ounce.
If the price of gold closes this week, it will be the fourth consecutive week of gains.
On Friday in the Asian market, the US dollar continued to be under pressure, the latest report near 95.35. The US dollar index may fall for the fourth consecutive week.
The speculation that the Fed may suspend interest rate hikes has boosted the attractiveness of non-interest-bearing assets and stimulated the price of gold.
The minutes of the December meeting released by the Federal Reserve on Wednesday showed that policymakers’ positions on whether to raise interest rates further are more cautious than those reflected in the policy statement.
In addition, other political uncertainties such as Brexit and the US government's partial lockout also support the market's safe-haven demand for gold.
Goldman(Goldman Sachs) raised its gold price forecast on Thursday and expects gold prices to rise to $1,425 per ounce over the next 12 months, a level not seen in more than five years.
FranceIndustrial Bank(SocGen) Strategist released a report saying that the actual US yield and the US dollar are expected to be suppressed, and the price of gold should break through in 2019. Societe General said that the lack of safe-haven assets will also make gold re-emphasizing, investors should buy more gold.
TD Securities analysts released a report saying that gold prices are expected to effectively break through the $1300/oz mark in early 2019.
According to Bloomberg statistics, the assets of the gold ETF have increased for nine consecutive trading days, reaching 71.79 million ounces.
(Article source: FX168)