Gold could hit a record high above $2,075 before the end of 2020 on the back of uncertainty surrounding the US elections, analysts at Citigroup Inc. warned on Wednesday, according to Bloomberg. Key points The precious metals market is underpricing prospects of the US election outcome delay. The bank’s forecast implies a surge of more than $200 for bullion futures from Wednesday’s price of $1,900. The election “could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after the US elections. The yellow metal rallied from $1,450 to $2,075 in 4-1/2 months to Aug. 7, as unprecedented liquidity injections by major central banks coupled with fears of prolonged coronavirus-led economic downturn strengthened the demand for scarce safe-haven assets. At press time, gold is trading near $1,860 per ounce. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY Price Analysis: This could be the bulls’s last dance in the 105, eyes on 103.50s FX Street 1 year Gold could hit a record high above $2,075 before the end of 2020 on the back of uncertainty surrounding the US elections, analysts at Citigroup Inc. warned on Wednesday, according to Bloomberg. Key points The precious metals market is underpricing prospects of the US election outcome delay. The bank’s forecast implies a surge of more than $200 for bullion futures from Wednesday's price of $1,900. The election “could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
