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Gold price is looking at making new highs: Commerzbank

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(Kitco News) Gold is holding around the $1,950 an ounce level with prices wanting to test their new record highs and head higher, according to Commerzbank. “Yesterday evening it made an unsuccessful bid to regain its record high from the start of the week. It is likely to give it another go,” says Commerzbank analyst Carsten Fritsch. Everything the market heard from the Federal Reserve on Wednesday after the central bank kept rates unchanged suggests a path higher for the yellow metal, Fritsch notes. “As its Chairman Powell put it, the Fed ‘is not even thinking about to think about to think about’ raising rates. This makes it clear how long it will be until rates are hiked …Thus the Fed will remain in demand to combat the crisis, and the ultra-loose monetary policy will not change in the foreseeable future. All of this suggests that the gold price will continue to rise.”

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