UNITED STATES January 28 2016 11:09 AM
NEW YORK (Scrap Register): TD Securities said gold could reclaim $1,200 an ounce sooner than analysts expect if concerns about the U.S. economy and investor buying continue.
There is a growing conviction that the Federal Reserve will not hike U.S. interest rates as rapidly as thought when policymakers upped rates in mid-December, analysts at TDS added.
Meanwhile, analysts point out that global exchange-traded-fund holdings of gold are up 1.46 million ounces from the lows recorded earlier this year.
“This, along with new U.S. economic concerns, have sent gold above the recent trading range to over $1,112/oz. Should these dynamics continue, prices could reach $1,200/oz a lot sooner this year than we have projected,” analysts added.
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