Gold prices reversed early losses on Friday after manufacturing PMI for the world’s biggest economy came lower-than-expected. Also, investors seek safe-haven assets on deepening fears about the outbreak of a deadly new coronavirus. Gold prices rose to a two-week high of $1,573 an ounce around 12:30 PM NY time.
Historically, Gold reached an all time high of 1920.30 in September of 2011.
Gold is expected to trade at 1563.94 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1608.41 in 12 months time.