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Gold to Top $1,600 as Fed Cuts Rates Four More Times, BNP Says


Wednesday, 4 September 2019 09:14 WIB

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Gold will surge above $1,600 an ounce as the Federal Reserve embarks on a quartet of interest rate cuts to combat slowing U.S. growth and the fallout from the trade war with China, according to BNP Paribas SA, which flagged prospects for a significant rise in prices in the coming months.

Gold will average $1,400 an ounce in 2019, up $60 from an earlier forecast, and $1,560 in 2020 following a rise of $130 in the outlook, BNP said in the note. The Fed’s easing cycle should push average prices above $1,600 in the first quarter of 2020, it said, adding: “We expect gold to rise significantly.”

Spot gold traded at $1,545.88 an ounce on Wednesday, up 20% this year. Prices hit $1,555.07 on Aug. 26, the highest level since 2013.

Source: Marketwatch


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