“Comments from the Fed on Tuesday have had a powerful and immediate impact on the market, and we have seen gold surge,” said Mark O’Byrne, research director at Irish gold broker GoldCore. “Concerns about the global geopolitical and economic outlook, including trade wars, have led to a robust demand for physical gold. Since Wednesday, bullion has risen as much as $70 after Fed’s dovish comments and increased Middle East tensions. “We maintain our ... bullish call for gold and it looks like our mid-2020 target of $1,450 may be reached much sooner,” Mr How said. Adding to the global anxiety were fresh worries about Middle East tensions after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington.

Source: The Irish Times June 21, 2019 07:52 UTC