Why gold may hit $1,500 by year’s end—and it’s not just about Brexit

Gold’s impressive rally Friday offered a taste of what may be in store for the precious metal, as some analysts say it’s just a matter of time before prices top $1,500 or even $1,900 an ounce.

Futures prices for the metal GCQ6, +0.60% soared by as much as $100 an ounce on an intraday basis Friday as the United Kingdom’s historic vote to leave the European Union sent investors scrambling for a safer place to park their money.

But the decision, known as Brexit, has vast implications for global financial markets, economies and currencies as well as for monetary policies among the world’s major central banks. That means gold could soon have many more reasons to rally.

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