Citigroup Inc. expects gold prices to hit a record $3,000 an ounce within three months, with geopolitical tensions and trade wars stoked by Donald Trump boosting demand for safe-haven assets.
Ryan Lewenza, portfolio manager at Turner Investments of Raymond James, answers viewer questions on gold ETFs.
The US president jolted markets with the prospect of tariffs that could slow economic growth, reignite inflation and disrupt global commerce. Investors will continue to seek bullion’s security and central banks are likely to keep building out their reserves, analysts including Kenny Hu wrote in a report.
Gold hit successive records in the past few days as concerns about the tug of war between the US and China, as well as the possibility Trump will impose duties on other nations, support bullion’s role as a store of value in uncertain times. The bank also said that an appreciating US dollar will increase the incentive for central banks from emerging economies to boost gold holdings in order to support their own currencies, while investors will turn both to physical gold and exchange-traded funds.
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