SMM News: the gold market rose and fell back this week, the $2000 / oz mark still seems to have strong resistance, but this still does not affect the positive expectations of the bulls.
Heraeus Precious Metals released a report this week that there is still a lot of room for upside in the gold market, and the price of gold is expected to rise to $2200 an ounce by the end of the year.
It said negative interest rates and unprecedented fiscal and monetary stimulus had boosted demand for gold so far this year.
"both macroeconomic and geopolitical risks will continue to support gold prices for the rest of the year."
If the price of gold rises to 2200 by the end of the year, it means that the price of gold has risen by more than 10% from the current price.
Gold will continue to be seen as a safe haven, boosting prices further, the agency said.
On the other hand, due to the high price of gold, consumer demand for gold will continue to be under pressure, which will be a major resistance to higher gold prices in the long run.
Affected by the sharp rise in gold prices, physical gold demand in Asia has been weak so far this year.
The agency is equally bullish on silver, which is expected to rise to $35 an ounce by the end of the year, up about 20% from its current level.
"Silver's industrial manufacturing demand is recovering, but investor demand needs to be maintained to push silver prices higher. With the economic outlook still uncertain, further stimulus from central banks and governments will sustain investor demand for silver. "
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