Time to buy: Gold sets sights on $1900 – MENAFN.COM

Time to buy: Gold sets sights on $1900 – MENAFN.COM

Gold price is forecast to touch $1, 900 an ounce in the coming days after precious metal rose to over three and a half month high on Tuesday due to global inflation concern and weakening of the US dollar, say commodity analysts. Spot gold price was trading at $1, 873. 28 an ounce at 4. 40pm UAE time on Tuesday evening, up 0. 22 per cent or $4. 2 an ounce. However, commodity analysts believe that the precious metal could face correction before hitting $1, 900 mark. ''Fundamentally, the combination of weaker-than-expected US jobs report, which requires the continuation of the loose US Federal Reserve policy, and the rising inflation is supportive of gold prices in the medium run. But I am also wondering whether the sell-off in Bitcoin has a finger in the strengthening gold rally, as we started seeing bigger jumps in gold prices since we started seeing sizeable drops on Bitcoin's," said Ipek Ozkardeskaya, senior analyst at Swissquote. ''The next natural target for the gold bulls is $1, 900 per ounce, but there could be a stronger resistance approaching this level… Unless there is a rush to safe-haven currencies globally, gold needs a correction before gathering enough