Gold and the related exchange traded funds have been sluggish to start 2019. For example, the SPDR Gold Shares (NYSEArca: GLD), the largest physically backed gold-related ETF on the market and go-to option for gold exposure for many ETF investors, has traded barely higher.

However, some market observers see more upside coming for the yellow metal. Earlier this week, CIBC boosted its price target on gold to $1,350 per ounce from $1,300 an ounce.

“In a report Monday, market analysts at CIBC raised their price target for gold, looking for the yellow metal to average $1,350 an ounce this year, up from their previous forecast of $1,300. The bank sees gold prices averaging $1,400 an ounce in 2020,” reports Kitco News.

Gold may continue to shine in 2019. As the market environment shifts, some analysts believe that the depressing influences on gold that occurred during the before the last quarter of 2018 will not likely be repeated in 2019. Furthermore, gold will see continued investment demand among the emerging markets, along with increased demand for safe-haven plays across developed markets.

Higher Prices for Gold

“Slowing growth combined with lowered rate-hike expectations, Brexit uncertainty, and constructive demand-supply fundamentals for gold drive our positive outlook for precious metals demand over the next two years,” said CIBC.

Related: Top 34 Gold ETFs

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