Gold upbeat outlook remains intact

Gold started the new year on a sour note, with prices trading lower for the first month of 2021, but many analysts are confident that the longer-term outlook remains promising for the precious metal.

Gold futures GCG21, 0.71% GC00, 0.71% settled at $1,844.90 an ounce on Jan. 27 to trade about 2.7% lower in January. That follows a roughly 24% gain in 2020.

“Higher Treasury yields and the recent bounce in the [U.S. dollar], both of which rely on economic strength,” are the main short-term factors that have held gold prices back since the U.S. presidential election in November, says Peter Grosskopf, chief executive officer of Sprott. However, “we believe the markets are more dependent on government stimulus and money printing than they have ever been historically.”

KEFI Gold & Copper plc (LON:KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.

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