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- Gold is set to stay strong for the next six to 12 months - economist
Gold is set to stay strong for the next six to 12 months - economist
A host of global factors mean gold’s price is set to maintain its strength at least for the next six to 12 months, according to an economist from a top Singapore bank.
“The world right now is in a precarious state and gold is due to benefit from this situation,” said Howie Lee, economist at Oversea-Chinese Banking Corporation.
Lee said that the metal is set to soon breach $1,500.
“We are seeing a perfect mix of ingredients in the melting pot: We have low rates, we have soft dollar, we have trade tensions, we have geopolitical tensions along the Persian Gulf,” Lee told.
He added that such a barrage of risks had propelled gold to its more-than-six-year highs, and is leading investors to take a “risk-off” approach to their portfolios. In other words, investors are uncertain about near-term global economic trends and are likelier to gravitate toward low-risk assets.
“They are piling their funds into gold,” Lee said.
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