$2,000 gold price delayed as volatility weighs: RBC Wealth Management
(Kitco News) The current volatility in the marketplace is delaying gold's rise back to $2,000 an ounce, says RBC Wealth Management managing director George Gero. "Gold range bound recently over $1,900 area means continued volatility for now; $2,000 price delayed," Gero writes on Tuesday. However, despite a pause in the price action, Gero expects to see a "strong year-end" for gold. "Earnings season in full swing, dollar firm. However, expect gold to see bids as ETF buyers continued in gold … Vaccine trials paused," Gero says. "Usual worries remain: U.S.-China tensions, economic recovery, stimulus talks, the pandemic, North Korea, Middle East, Turkey, Venezuela, Argentina are more than enough to keep gold buyers active. Open interest gold futures yesterday's holiday kept most metals hardly changed. Gold futures open interest 558,222."