Given our view that the dollar will remain strong into 2019 and that growth in jewellery demand will continue to soften, we have recently revised down our end-2018 forecast for the price of gold. That said, we think that the medium-term prospects are much brighter and expect the gold price to rally to $1,350 in 2019 and to $1,450 in 2020 when a slowdown in the US economy will prompt the Fed to cut rates.
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