Experts: Gold price may surge

Credit: Pavel Lisitsin |RIAN

The price of gold may hit $1,800 per ounce this year, Saxo Bank analysts said.

According to experts, gold prices may rise again as this year the precious metal has become the only major commodity with positive price dynamics.

In a forecast by Bank of America, analysts say that gold price may reach $3,000 within 18 months in case a number of countries continue issuing unsupported currencies. Such a policy may ignite high inflation, which will prompt depositors to begin investing in gold.

According to Anna Bodrova, senior analyst at the Alpari information and analytical center, in early July gold prices amounted to $1,807 per troy ounce, reported.

Gold has immense prospects as stable commodities will be in demand amid the current situation.   

Other experts say that the price for gold is increasing do to instability caused by the COVID-19 pandemic. Infusion of large stocks of money sends gold prices up as well.

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