Precious metals Watch – Gold gains from global stimulus measures

In this publication: Gold powers to an all-time high across a range of currencies. Against the dollar, gold’s all-time high of USD 1,921 is now within reach. The stars are aligned for gold prices to continue to rise. Aggressive monetary policy easing, ultra-low interest rates, negative US real yields, fiscal stimulus and the technical outlook all support gold prices. Nonetheless, positioning does remain extreme which could encourage volatility. Our new gold price forecast for end 2020 is USD 1,900 per ounce (was USD 1,700 per ounce). Our new gold price forecast for end 2021 is USD 2,000 per ounce (was USD 1,800 per ounce).