Gold Continues Winning Streak following Moody’s Downgrade

The price of spot gold is up by 0.7% today, bringing its weekly return to about 4%. The precious metal has been on a tear after Moody’s (MCO) downgraded the U.S. credit rating to Aa1 from Aaa, adding on to uncertainty surrounding the economy. Fortunately, that’s exactly the environment that gold thrives in given its status as a safe-haven asset. In addition, the U.S. Dollar Index has fallen by about 1.5% during the past five days, driving up the price of gold in terms of dollars.

Spot Gold Price Rises on Economic Uncertainty

For gold lovers, more upside is on the way, according to J.P. Morgan. The bank believes that the price of gold could reach $6,000 per ounce by 2029, or an increase of about 80% from current prices. The predication relies on a weak U.S. dollar and rising geopolitical tensions.

Gold Spot U.S. Dollar (XAUUSD) is now up by nearly 26% this year in a fantastic showing.