Gold prices to hit $2,000 in 2020

CITY INDEX/KITCO--- "Gold is preparing to ring in the new year above the psychologically critical $1,500-an-ounce level and if this past year is any indication, gold's fortunes will continue to favor the bold, according to one analyst. As part of City Index's bold prediction, technical analyst Fawad Razaqzada said that he is looking for gold to hit a new all-time high in 2020, with prices pushing to $2,000 an ounce. Razaqzada said that his extremely bullish gold outlook comes as he expects to see global coordination among central banks to loosen monetary policy next year. He added that looser monetary policy will push bond yields further into negative territory, thereby 'boosting the appeal of noninterest-bearing precious metals.' Razaqzada said that even if gold doesn't hit his bold target, he expects the precious metal to remain in an uptrend through 2020. 'I think gold has everything going for it in 2020,' he added....'Bond yields are likely to remain depressed as global central banks try to combat slowing economic growth and subdued inflationary pressures with extraordinary loose monetary policy,' he said. However, the spark that could kick the gold rally into a higher gear is a correction in equity markets... 'As the U.S. equity market bubble finally bursts, safe-haven demand could nudge gold past its 2011 peak of $1920, before tagging the $2,000 psychological hurdle.'"