Concerns over political developments in Europe, and in the U.S. after Donald Trump’s election, as well as expectations of stronger demand before the Lunar New Year were cited as factors.
There’s one thing almost all gold traders and analysts agree on: Now is a great time to own bullion.
Those surveyed by Bloomberg were the most positive they’ve been on the metal’s price outlook since the end of 2015, with 14 saying they’re bullish on the metal, two bearish, and one neutral. Worries over political developments in Europe, and in the U.S. after Donald Trump’s election, as well as expectations of stronger demand before the Lunar New Year were cited as factors.
“The euro zone has plenty of crisis triggers over coming months; Indian and Chinese buying remain strong and Trump’s policy threatens inflation,” said Adrian Day, president of Adrian Day Asset Management in Annapolis, Md., which oversees $190 million. “All this is positive for gold.”
Bullion for immediate delivery is up 2.7 percent this week, and is heading for the biggest such gain since the five days ended April 29. Prices were at $1,178.55 an ounce on Friday after climbing to $1,185.14 a day earlier, the highest in a month. Demand for gold as gifts in China normally rises before the Lunar New Year, which starts at the end of January.
Most Read Business Stories
- FDA says Pfizer COVID vaccine looks effective for young kids
- Alaska Air turns its first unaided profit since 2019, but pilot unrest builds
- Washington state recovers $500,000 in stolen jobless benefits from bank where fraudsters channeled millions more
- COVID vaccine: CDC expands booster rollout, OKs mixing shots
- ‘People are hoarding’: Food shortages are the next supply chain crunch