Gold rally continues as dollar weakens
Gold and silver continued to rally Thursday, helped by a weaker US dollar.
Gold ended US$9.85 higher at US$1,284.15/oz in London, with silver up 25 cents to US$18.56/oz. Both metals are at their highest levels since November.
"The precious metal [gold] continues to see an updraft from safe haven demand amid a rise in geopolitical tensions," Kitco's Jim Wyckoff said.
"A slide in the US dollar index this week also favors the precious metals market bulls."
The dollar slipped about half a cent to around 93.7 euro cents following comments by US President Donald Trump that the greenback is too strong, before rebounding above 94 euro cents.
OUTLOOK
Gold is expected to average US$1,150/oz in 2017 under pressure from US interest rate hikes, European Central Bank tapering and weak Chinese demand, Natixis research analyst Bernard Dahdah said.
Prices will be supported by marginally lower global mined production.
The company expects gold to fall to US$1,070/oz in 2018, partly due to further US interest rate rises, with prices improving the following year.
CPM Group expects gold price increases to accelerate in H2, while BMO Capital Markets and ABN AMRO forecast broadly stable or lower prices later this year.
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