Gold is on track to hit $1,200 an ounce even sooner than expected after reaching $1,167.35 an ounce in London this morning. This is an increase of about $15 an ounce since Friday’s close, and with the dollar expected to continue to lose ground and US interest rates to remain low well into the new year, gold will likely continue to gain.
“Sentiment is very upbeat and gold is looking increasingly attractive,” said Stefan Graber at Credit Suisse.
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