Gold prices are skyrocketing. Is now the best time to buy or sell?

  • Date: 10-Aug-2020
  • Source: Zawya
  • Sector:Economy
  • Country:UAE
  • Who else needs to know?

Gold prices are skyrocketing. Is now the best time to buy or sell?

"With oil prices down and [the] tourism sector severely impacted, many individuals in the UAE have lost their jobs or their business have been hugely impacted,“ said Arun Leslie John, Chief Market Analyst at Century Financial. "These individuals in need of cash are now opting to sell some gold and [make] some gains after witnessing the massive rally in the metal over the past few days.“Gold has gained more than 30 percent in value this year. In dollar terms, those with gold holdings could be looking at a considerable profit of more or less $500 an ounce. There are speculations that the yellow metal could hit $3,000 next year, as the coronavirus pandemic is expected to continue driving investors to seek safe havens."We've called for $3,000 gold as a target