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Gold May Top $2,000 as Inflation Lasts, Mining Veteran Says

  • Evolution’s Klein says price gains to be ‘higher for longer’
  • Bullion has dipped this year as Fed increases interest rates
Bloomberg business news
WATCH: Jake Klein, Evolution Mining’s Executive Chair, discusses full-year results from Australia’s third-largest gold miner by market cap.Source: Bloomberg
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Gold could rally above $2,000 an ounce next year as inflation remains elevated, underpinning support for the metal often viewed as a traditional hedge against price pressures, an industry veteran said.

Given the latest Federal Reserve minutes signal hikes could be deferred or smaller, that indicates “the market is going to have to get used to inflation numbers being much higher for longer,” Jake Klein, executive chairman at Australia’s Evolution Mining Ltd., told Bloomberg TV. “That’s good for gold.”