What Are Gold Prices Doing In May 2020?

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Gold

Heading into the first full week of May, many folks want to know where gold prices are and where they may go as spring unwinds and summer peeks at us on the calendar next month. Of course, the COVID-19 pandemic crisis continues unfolding, and this situation influences markets around the world.

While Asia begins cleaning up from the viral mess and some European nations slowly begin returning to normalcy, the United States continues facing the crisis head on. The hard-hit Northeast is still largely in lockdown mode while Florida and many states in the Deep South are lifting their stay-at-home and safer-at-home orders as this is being written. Investors are still understandably in a panic over this and gold remains a safe haven.

As of this writing, gold hovers around $1,700 an ounce, which recently seems to a stable pricing landmark for the yellow precious metal. But at least one precious metal strategist at UBS Investment Bank believes gold has an increasing chance of hitting $1,800 per ounce. Joni Teves says gold has a near-term target price of $1,790 per ounce while investors are looking toward precious metals at a time when the economic future is uncertain and market rates and growth are in negative territory.

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