Gold Price to Hit All-Time High in the Next Six to Nine Months

The gold prices have surged higher by almost 19% so far this year.

SEATTLE (Scrap Monster): Citigroup Inc. announced bullish outlook on gold, silver and palladium on a six to twelve month view. The prevailing bullish factors in the market are all set to take the prices to all-time highs.

The gold prices have surged higher by almost 19% so far this year. However, the group expects further upside in gold prices during the year. The third-quarter commodities outlook published yesterday says that the yellow metal prices are expected to touch an all-time high in the next six to nine months. It predicts 30% probability for the prices to top $2,000 per ounce in the next three to five months.

According to Citigroup analysts, the gold prices have posted record high prices in every other G-10 and major emerging market currencies during the year. It is only a matter of time for it to hit fresh highs in U.S. dollars, they said.

ALSO READ: Robust ETF Inflows Propelled Gold Prices to 8-Year Highs

Meantime, the gold delivery contracts in the New York Comex market registered record trading volumes, with prices surpassing $1,800 per ounce to hit near the 9-year highs. It must be noted that gold had traded above $1,800 per ounce for the first time in September 2011.

Citigroup expects silver prices to rise to $25 per ounce over the next six to twelve months. Also, palladium prices are expected to hit $2,200 by end-2020.

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