In response to Israel’s attacks to Iran, the price of gold also jumped, although without reaching a new historical maximum, the commerzbank raw material analysts, Barbara Lambrecht and Carsten Fritsch point out.
Gold will be negotiated at $ 3,400 per ounce Troy at the end of this year
“In a report, the ECB emphasized the great importance of central banks for the gold market. After all, they have represented about 20% of global gold purchases in the last three years. Together with the increase in the price, this has turned out that gold reaches greater participation in currency reserves than the euro at the end of 2024, replacing it as the second largest reserve asset.”
“Next Tuesday, the WGC Gold Mining Association will publish the results of its annual survey to the central banks on their planned or expected gold purchases. Last year, an 80% record of the central banks surveyed said they expected more purchases from the central banks in the next 12 months.”
“We have raised our forecast for the price of gold due to the continuous geopolitical uncertainty and the expectations of a more pronounced weakness of the US dollar: we now expect a gold price of $ 3,400 per Troy ounce at the end of this year and from 3,600 $ at the end of next year (previously $ 3,000 in each case).”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
