{"id":16073,"date":"2019-04-10T03:53:05","date_gmt":"2019-04-10T07:53:05","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=16073"},"modified":"2019-04-10T11:03:11","modified_gmt":"2019-04-10T15:03:11","slug":"gold-momentum-global-cues","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/gold-momentum-global-cues\/","title":{"rendered":"Gold Gains Momentum on Global Cues"},"content":{"rendered":"

Gold prices hit<\/a> their highest levels in more than a week on Tuesday, April 9, after it emerged that the macroeconomic scenario might take a turn for the worse. The spot price of gold increased half a percent to nearly $1,304 an ounce, which was the highest level seen since March 26 when the yellow metal\u2019s spot price had exceeded $1,306 an ounce. U.S. gold futures were trading at a higher $1,308.30 an ounce on Tuesday.<\/p>\n

Let\u2019s take a closer look at the reasons why the gold price shot up earlier this week.<\/p>\n

Global Economic Uncertainty Will Drive Gold Purchases<\/h2>\n

According to the International Monetary Fund\u2019s latest World Economic Outlook, the global economy will grow<\/a> at a pace of 3.3% in 2019. That\u2019s down from the IMF\u2019s previous forecast for 3.5% growth that was issued in January this year, which means that the agency has slashed its outlook for the third time in six months.<\/p>\n

The IMF\u2019s latest forecast also means that the global economy is on track to record its slowest pace of annual growth since 2009. However, the agency expects global economic growth to pick up the pace in the second half of the year, before hitting a growth rate of 3.6% in 2020. However, the forecast for next year should be taken with a pinch of salt as the IMF believes there are quite a few headwinds that could derail global economic growth.<\/p>\n

For instance, Britain\u2019s hard exit from the European Union and no resolution to the trade tensions between the U.S. and China could destabilize the global economy. Moreover, the U.S. economy also seems to be slowing down as evident from the weak employment data and declining demand for American-made goods.<\/p>\n

In such a scenario, the flight to safety has begun, prompting an increase in demand for gold. China has raised its gold reserves for the fourth month in a row in March, and it won\u2019t be surprising to see further buying activity across the globe. Russia\u2019s gold reserves, for instance, hit a five-year high<\/a> at the beginning of April.<\/p>\n

What Does This Mean for Gold Pricing?<\/h2>\n
Societe Generale believes that gold prices could hit $1,400 an ounce in the first quarter of 2020.<\/div>\n

Gold prices rise in times of economic uncertainties and distress, sending central banks into a gold buying spree. Central bank buying increases demand for gold, while retail and institutional investors also start building up their gold positions to hedge against the end-market uncertainty.<\/p>\n

Moreover, the likes of the Federal Reserve and other central banks keep rates low when the economy is not in good shape. All of this creates an ideal scenario to purchase gold. Given the fact that gold is in tight supply because of a decline in discoveries<\/a>, the price of the precious metal will rise on account of favourable market forces of demand and supply.<\/p>\n

As such, it won\u2019t be surprising to see the gold price scale new highs in the future. Societe Generale, for instance, believes<\/a> that gold prices could hit $1,400 an ounce in the first quarter of 2020. Considering all of this, there could be no better time to be a gold investor as there are several ways to take advantage<\/a> of a rise in its price.<\/p>\n","protected":false},"excerpt":{"rendered":"

Macroeconomic uncertainties will keep driving the price of gold higher after IMF’s latest economic outlook slashed global growth expectations.<\/p>\n","protected":false},"author":8,"featured_media":15812,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[280,177,277,72],"class_list":{"0":"post-16073","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-metals","8":"tag-gold-equities","9":"tag-gold-price","10":"tag-macro-outlook","11":"tag-mining-stocks"},"acf":[],"yoast_head":"\nGold Gains Momentum on Global Cues | Capital 10X<\/title>\n<meta name=\"description\" content=\"Macroeconomic uncertainties will keep driving the price of gold higher after IMF's latest economic outlook slashed global growth expectations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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