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Wednesday, March 11, 2020
Khaleej Times – Gold price hits 7-year high, jumps over 2.5%
By Century Financial in 'Century in News'
Gold prices surged more than 2.5 percent to $1,688 on Monday evening, hitting over seven-year highs as investors rushed to safe-haven buying.
Goldman has predicted that gold is headed towards $1,750/oz while Citi has said it could reach $2,000/oz within the next 12 to 24 months.
"The (Covid-19 coronavirus) virus outbreak is likely to send it higher as it is difficult to see what at this stage can halt or pause the rally perhaps apart from its own success," said Ole Hansen, head of commodities strategy at Saxo Bank.
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