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Saturday, November 17th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

The Price of Gold Ascends as TDS Raises Gold Forecasts


The price of gold ascends after the declines it went through in the last couple of business days last week. However, the price of gold is still ahead by about 7.8 per cent when compared to its price at the end of July.

Meanwhile, TD Securities has raised the average price forecast for gold to $1,850 by 2012, $1,680 and $1,750 by the third and fourth quarters of this year respectively claiming that a weak economic outlook and the fact that the US Federal Reserve has got no room to control monetary policies as at now gave strong credence to the inevitable increase in the price of gold on the long run.

On Monday, the price of gold rose by about 0.88 per cent to attain $1,758 and it is $1,767 per ounce as at today which shows that the precious metal may be on its way to another round of price upswing that reached a halt in the past few business days.

However, the July update of the United States housing market which is scheduled to be published today may curb the expected gold rally if there is any tangible improvement in the upcoming housing market reports. Some experts believe that gold will still rally in price even if the report shows improvement though the price gains may be less volatile than what were obtained early August.

Confirming a bright outlook for gold, Bart Melek, TD Securities’ head of commodity strategy said in a press release to announce the bank’s long term forecast for increase in the price of gold that the price of gold should go higher to as much as $2,000 as many people will invest in gold as a way of preserving their assets and as a store of value to combat the effect of inflation though Melek says that gold price could go through price decline in the short term.

 

 

 


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