Gold prices could soon hit $2,000 as the pandemic increased fears of further economic downfall, as U.S. China tensions increase, and as the dollar weakens on the Federal Reserve’s move to boost liquidity measures.
Just days ago, the Federal Open Market Committee left its benchmark interest rate unchanged near zero and noted “the economy will depend significantly” on such actions. “As I look across the landscape, there is not much that could take gold down significantly. Only if trader sentiment changes strongly,” said Gainesville Coins precious metals expert Everett Millman, as quoted by Kitco.com. “I expect gold to hit $2,000.”
We may even see $3,000 near-term.
In fact, RBC Capital Markets just lifted its forecast to $3,060 by the first quarter of 2021 on the heels of soaring demand for the safe haven.