Gold Price Could Reach $10,000 Amid US Fiscal Concerns
Christopher Wood, Global Head of Equity Strategy at Jefferies, is predicting that gold prices could reach $10,000 in the future.
Despite gold being in a consolidation phase, Wood remains bullish on the metal over the long term. He believes that the US may struggle to sustain significantly higher interest rates due to its fiscal position, which supports his case for gold.
Wood advises investors without gold exposure to consider buying, and existing investors could add to their holdings if prices correct towards $4,000-$3,800 levels.
The growing monetisation of household gold holdings in India through the expanding gold lending market is also highlighted by Wood as a positive trend for Indian consumption spending. A $10,000 gold price would be a major boost for the country's economy.