Gold's appeal rises as coronavirus hedge
Recent gains driven in part by 7-fold rise in purchases of gold-backed ETFs in Q1; central bank stimulus and inflation seen driving rally
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GOLD is expected to rise to US$2,000 per ounce in the next few months, with more bullish forecasts putting the figure at US$3,000/oz, as the appeal of the yellow metal increases as a coronavirus hedge amid more economic uncertainty.
Gold prices have seen a resurgence since an initial slide in mid-March, when investors - particularly large institutional ones such as hedge funds - started dumping liquid assets including gold to cover losses and margin calls during the stock market crash.
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