Gold prices to push to $1,600 an ounce in 2020

WORLD BANK/KITCO--- "Investors can expect the rally in gold to continue as uncertainty dominates the marketplace, according to the latest forecast from the World Bank. In a report published Tuesday, the global financial institution said that it expects gold prices to rally 5.6% in 2020, which would see prices trade around $1,600 an ounce. 'The risks to the precious metals price outlook are on the upside and reflect heightened uncertainty and weak growth prospects of the global economy,' the analysts said. The comments come after gold prices rallied 12.6% in the third quarter as prices pushed to a six-year high, seeing best gains in three years....'Prices have been supported by strong physical demand, interest rate cuts by the U.S. Federal Reserve, and increased global policy uncertainty,' the analysts said. 'Increased demand for gold has been led by central bank purchases, investor holdings in gold-backed exchange traded funds, and jewelry sales, especially in India.' Gold is expected to outperform in the precious metals space as industrial demand weighs on other metals like silver and platinum, the report said."