Gold could reach $1,800/oz in Q1 2021 – UOB
Strategists at UOB Group’s Quarterly Global Outlook suggest the ounce troy of the precious metal could edge higher to the $1,800 mark in early 2021.
Key Quotes
“Global central banks have all cut rates all the way down to the zero bound and re-introduced Quantitative Easing (QE), yet gold did not seem to respond well to this latest round of monetary policy easing. More importantly, gold would appear to have failed spectacularly as a risk aversion hedge.” Read More…..
Gold up little around $1720 level, lacks follow-through amid upbeat market mood
The prevalent USD selling bias assisted gold to gain some traction for the second straight day.
The upbeat market mood might keep a lid on any strong gains for the safe-haven commodity.
Market participants now look to the ECB decision and the US jobless claims for a fresh impetus.
Gold edged higher through the early European session and is currently placed near the top end of its daily trading range, around the $1720 region. Read More…..
Gold Futures: Still scope for some correction
Traders scaled back their open interest positions for the second session in a row on Wednesday, this time by more than 1K contracts in light of advanced figures from CME Group. Volume, too, went down by nearly 18.4K contracts.
Gold: Upside limited around $1,750/oz. Read More….
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