Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Gold and silver price outlook remains steady ahead of US economic data

Gold and silver prices have remained relatively stable on Thursday ahead of US economic data report on Friday.

Gold and silver prices remain relatively stable, with the precious metals trading marginally higher as of 16:20 GMT on Thursday, up 0.18% to $1477 and 0.08% to $17.02 respectively.

However, both could see greater price volatility on Friday, with investors holding fire in anticipation of economic data reports from the US.

Friday will see the US Labour Department unveil its employment data, with analysts predicting that job’s numbers will miss the mark. Traders will also be paying close attention to the key non-farm payroll number which is expected to come in at around 185,000.

Looking to trade gold and silver? Open a live or demo account with IG.

ABN AMRO believes gold prices will hit $1,600 in 2020

Earlier this week, senior FX and precious metals strategist at ABN AMRO, Georgette Boele, said that gold will push above the $1,600 an ounce by December next year.

‘Even though the longer-term outlook looks solid, we expect substantial price weakness in the coming weeks and months,’ Boele said

ABN AMRO also said that silver could push as high as $18 an ounce next year but would average slightly below its current level in 2020 at around $16.60.

‘We think that an aggressive sell-off in silver prices in the coming months will be an opportunity to position for higher prices later in 2020,’ she added.

‘Silver prices will probably be more supported if global growth and global trade start to stabilize and improve somewhat.’

You can go long or short gold and silver with IG using derivatives like CFDs and spread bets.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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