Now is the right time to invest in gold

October 9, 2020 :



In turbulent times such as the world pandemic or presidential elections, people prefer to invest in gold, writes Gold has therefore reached its highest price in history this year.

The price of gold has jumped over 30% at one point this year, while at the time of writing this text is 26% above its value at the beginning of the year. Gold reached its lowest level in mid-March, but on August 6 it touched the highest level in history of about $ 2,070 an ounce.

Will gold continue to shine with the same power?

According to analysts from most investment banks, the answer is - yes! The factors listed in this article will be relevant in the coming period, which will continue to support the price of gold.

At the time of writing, we are faced with the very real possibility that Europe will find itself under a new blow from the Covid-19 virus. In addition, the equation includes the US presidential election, which has already caused marked market fluctuations in the past, which creates additional uncertainty and could increase demand for gold. Tensions between the US and China also remain relevant, especially as no progress has yet been made since the first phase of the trade agreement between the two superpowers.

Gold & Silver coins

As for the banks, they almost unanimously agree on the forecast for future movements in the price of gold. Goldman Sachs predicts that gold will exceed $ 2,000 an ounce this year, and will soon reach $ 2,300. JP Morgan has a similar view. The latest forecast for the price of gold was published by Societe Generale, which announced in September that it expects an average gold price of $ 2,200 in the first quarter of next year.


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