Chris Wood sees gold price trebling from current levels to $5,500/ounce

On a year-to-date (YTD) basis, gold prices have surged 27 per cent

Christopher Wood, global head (equity strategy) at Jefferies has become even more bullish on gold and now expects the yellow metal to hit $5,500 per ounce (oz) going ahead – a rise of over 180 per cent from the current levels, and up 31 per cent from his forecast of $4,200/oz made earlier in 2020.

The earlier price forecast, Wood wrote in his weekly note to investors GREED & fear, was based on adjusting the gold price for US per capita disposable income that was invested in gold when the price of the yellow metal hit its peak of $850/oz