NEW YORK (Scrap Register): Gold has risen sharply and could climb even higher, said Edward Meir, commodities consultant with INTL FCStone.
Gold prices climbed since Federal Reserve communications on Wednesday were seen as more dovish than markets expected. For starters, the Fed’s projections suggest no rate hikes in 2019.
“In the precious-metals space, we think gold (currently at $1,317, up $15/ounce) is well positioned to mount yet another upside push,” Meir added.
“The last rally petered out rather disappointingly for the bulls at around $1,350, but it is not inconceivable for gold to retest that level, especially if the weak dollar/low rate/poor macro backdrop continues to persist,” Meir added.