Gold (XAUD/USD) closed at $1930.40/oz last week, capping the precious metal’s highest close in three weeks. On Tuesday, the yellow metal is holding the lower ground around the $1915 but strategists at OCBC Bank believe is likely to continue rallying if the dollar continues to soften.
Key quotes
“News that Trump is seeking a ‘huge’ fiscal package sent the dollar tumbling, in turn lifting gold prices higher. If passed, the latest US fiscal package may prove to be the main catalyst that sends gold back to the $2000 level.”
“We remain bullish gold in the medium to long-term.”
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