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Bannockburn Global Managing Director Marc Chandler said gold started July with confidence, but will not be able to achieve a price higher than $ 1,850.
He claimed that even though the market is performing well right now, it would soon face strong competition with the stock market, dollar and rising interest rates. That being said, gold will only trade around $ 1,750 an ounce, and will remain stuck at a range of $ 1,500 to $ 2,000 an ounce.
Chandler also pointed out that there are not a lot of factors that could provoke a rally in the precious metals market, not to mention the current situation is more favorable for stock markets and the US dollar.
And despite positive outlooks for this year, Chandler is skeptical if such growth will come true, arguing that strong economic recovery will not carry on for a very long time. Soon, the rate will slow, which will accordingly lead to gold being stuck at $ 1,750.
Obviously, these statements are not encouraging for investors, but Chandler said he is just worried that an economic slowdown will greatly reduce risk capital.
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