Don’t expect to see much of a climb in gold prices this year, but a spike to $1,700 an ounce or more could come as early as the summer of 2016.
Gold futures prices on Comex closed at $1,210.10 an ounce on Thursday, with the metal stuck in a range of just over $114 an ounce year to date, based on the most-active contracts.
“Gold will see another parabolic bull run from July 2016,†speculated Chintan Karnani, chief market analyst at Insignia Consultants. Until then, “gold investors need to have the patience and not get scared by more price falls.â€
Prices may reach $1,700 or higher between June 2016 and November 2016, he said.
For the month of February, prices for the metal lost roughly 5%, though trade more than 2% higher for the year so far. By the end of 2014, gold prices were down 14% from their peak of $1,379 that year.