COMEX gold futures climbed to as high as $1,745.40 per ounce in mid-day trading as speculation over more monetary easing continued to gain steam in the financial community.
While the yellow metal has now jumped 8.0% over the past three weeks, there is “much more upside” ahead according to analysts at Standard Bank plc.
In a recent report, Standard Bank called for the price of gold to reach $1,900 per ounce this year. Its bullish outlook was based on the Federal Reserve launching a substantial amount of additional quantitative easing.
At current levels, gold is pricing in only $250 billion in QE3, the firm estimated, which is “much less than the Fed would actually embark on.”
“Our view is that the Fed will provide more stimulus to the market,” Standard Bank added. “There-fore, we believe that from a liquidity perspective gold has much more upside.”
For additional gold price predictions and commentary on precious metals, visit GoldAlert Pro at http://pro.goldalert.com
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