China’s Gold Rush: Predicting Record Highs for USD Priced Gold
To quote analysts at GSC Commodity Intelligence – mounting evidence shows that we are now in a “new era” for Gold. China’s bullion buying spree simply represents, yet another bullish tailwind for precious metal prices – alongside all the other macro and geopolitical events currently unfolding.
Interestingly, Gold priced in multiple currencies including British Pounds, Euros, Australian Dollars, Chinese Yuan and Japanese Yen hit fresh all-time record highs this week.
The big question now is will Gold price denominated in US dollars be next to hit fresh all-time record highs?
Analysts at GSC Commodity Intelligence believe it’s not a question of ‘if’ but ‘when’. In fact, you just have to take a look at what happened in 2023.
Last year, Gold priced in multiple currencies set new all-time highs by an average of 13.7 weeks prior to Gold price denominated in US dollars. If this is a leading barometer for predicting the performance of Gold prices as a whole, then this ultimately means one thing.
Higher Gold prices are coming! That’s welcoming news for the bulls, but painful for anyone sitting on the sidelines, who must now decide how much FOMO they can handle.
Commodity Price Forecast
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