Dovish stance: A cyclist passes the Federal Reserve headquarters in Washington. As the Fed lowers interest rates to cushion the US economy, the price of bullion should go up further, according to Fidelity International. — Reuters
NEW YORK: Gold could hit US$4,000 an ounce by the end of next year as the Federal Reserve (Fed) lowers interest rates to cushion the US economy, the dollar drops and central banks keep expanding holdings, according to Fidelity International.
Multi-asset fund manager Ian Samson said the firm remained bullish on the precious metal, with some cross-asset portfolios recently increasing holdings as prices eased from an all-time high above US$3,500 an ounce in April.
