Gold prices may rally to a record above $2 000/oz in the next two years, according to Citigroup, which gave a laundry list of positive drivers including rising risks of a global recession and the likelihood that the Federal Reserve will reduce US interest rates to zero.
“We expect spot gold prices to trade stronger for longer, possibly breaching $2 000/oz and posting new cyclical highs at some point in the next year or two,” analysts including Aakash Doshi said in a note received September 10. That would exceed the record of $1 921.17 set in 2011.