“The buying we’re seeing come in is cautious,” said Bob Haberkorn, senior market strategist at RJO Futures. “People are buying it mostly because of what’s going on with the Federal Reserve. That’s a different type of buying.”
Time to Buy?
Despite all the headwinds gold has had to face in 2018, some analysts feel that gold has weathered the storm and presents a prime buying opportunity in 2019.
“Faced with rising interest rates and new record highs in the stock market, gold has done remarkably well in 2018, especially as consumer demand weakened even as mining output sets a new all-time high,” said Adrian Ash, director of research at BullionVault. “Supporting the gold market all through 2018, the geopolitical backdrop is worsening again, keeping (exchange-traded fund) positions firm and catching any dips in the price with new buying.”
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