The precious metals conference, which included assets such as gold and silver, took place in Singapore this week. According to the speakers here, decades of high inflation, geopolitical turmoil and growing global slowdown could push the gold price to exceed $2,000 per ounce. Here are the details of the conference and what was spoken…
Big predictions for gold
This week, precious metals were talked about in Singapore. Interesting predictions came from the speakers. Saying that gold could rise to $2,000 an ounce and silver to $26 an ounce at the end of the year, Silver Bullion founder Gregor Gregersen used the following expressions:
Decades of massive budget deficit spending and excessive looseness After monetary policies, we are heading towards a period of stagflation. In this type of environment, safe-haven assets like physical gold and silver are some of the best you can have.
According to Bloomberg, bullion prices are facing resistance at the $1,930 level, but if this level clears, it could be worth $2k thanks to technical trading, according to Rhona O’Connell of StoneX Group. accessible. But Citigroup, which lowered its quarterly point price target to between $300 and $1,825, said the hawkish Fed, high real rates and a relatively strong dollar are among the factors that will weigh on gold.
YoY targets above $1,900
Citi analysts forecast 6-12 month yellow metal forecasts at $1,900, with high asset market volatility and stagflation hedges likely to support support at around $1,800. They’re in dollars. Advisors at Metals Focus think demand for precious metals will decline this year, citing weak jewelry sales and individual investment in China due to the COVID-19 lockdowns and economic slowdown.
In its annual Gold Focus report, the group stated, “As policy rates rise and inflation falls, real interest rates and yields will rise significantly in the second half and put pressure on the gold price. We look forward to it.” Gold Focus projects that the price of gold will average $1,830 in 2022, up 1.7 percent from $1,799 last year.
The gold price posted strong gains towards the weekend as US inflation rose to a 41-year high. Spot gold price also increased by more than $23 an ounce to $1870 levels, providing a breakout on a closing basis. On Friday, gold closed at $1,875.50, its highest level since May 5. Meanwhile, the price of gram gold hovers around 1030 liras with an increase of 1 percent. On the other hand, the rising rate of ounce of gold is 1.31 percent.
