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Gold has risen in price by almost 10% over the past month. The precious metal overcomes all obstacles on its way with amazing ease.
"What really matters is how quickly the quotes passed the $1,920 per ounce level, which was the previous high. It is also very important that prices passed the $ 1,800 mark just as easily. All of this points to a very strong market," said Barry Dawes of Martin Place Securities.
According to experts, there are currently many factors that support gold: a weak dollar, increasing geopolitical tensions in the world, cuts in real interest rates, and massive incentives from national governments and central banks.
"Even in conditions of negative real interest rates and a depreciation of the dollar, there is still uncertainty about the relationship between the United States and China. Thanks to this combination of factors, gold continues to grow " said Wayne Gordon of the UBS Group.
Some analysts expect the US authorities' failed fight against the coronavirus will cause the Fed to signal that rates will remain near zero for a longer period.
"Based on the results of the July meeting, the Federal Reserve is likely to maintain a soft policy, confirming the need for additional fiscal measures. Real interest rates stuck in negative territory and the new COVID-19 outbreak hitting the USD index hard will help gold," said Nicholas Frappell of ABC Bullion.
Leading investment banks predict that the precious metal price could reach $ 2,000 per ounce in August.
"We do not see any reason in the short term for gold to stop the rise. The factors that have driven the precious metal to new highs are still in place," BNP Paribas said.
According to the Bank of America forecast, gold may rise in price to $ 3,000 per ounce over the next 18 months.
"The record rally in the precious metal reflects growing concern about the global economy," The Goldman Sachs said.
The bank revised its 12-month forecast for gold prices upwards - from $ 2,000 to $ 2,300 per ounce.
In turn, Juerg Kiener, Managing Director of Swiss Asia Capital, draws attention to the "measured move" technical analysis pattern, the implementation of which will lead gold to $2,834 per ounce.
"I think this will be the initial target that the precious metal can reach pretty quickly. Long-term goals are much higher. Historically, prices have risen seven or eight times from their bottom. From the lows of 2015 ($ 1,050 per ounce), this could give rise to about $8,000," he said.
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