Investors are flocking to the precious yellow metal amid rising inflation—along with economic uncertainty—around the world. Experts say that the price of gold will exceed two thousand dollars per ounce this year as investment demand increases and the upward trend will continue throughout the year.
He said, ‘The US dollar strengthened last year due to the increase in interest rates, but now it is weakening again. In this situation, gold can be a safe shield against the dollar. In February 2022, the price of gold in the world market dropped by two thousand dollars per ounce due to Russia’s attack on Ukraine. Then the price comes down again. According to data from Trading Economics, the price of gold in the world market was 1 thousand 814 dollars per ounce on Wednesday.
Analysts say gold is worth more to investors as a long-term stable. Especially in unstable economic conditions. Shamlal Ahmad, Managing Director of International Operations of Malabar Gold and Diamonds, said, “One can be confident about the precious metal gold that its price will not decrease in the near future, but will increase. Even if the price falls slightly due to socio-economic conditions, its natural tendency is to remain upward. According to him, this is the reason why the demand and price of gold is increasing.
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