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.

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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.’

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