Gold prices to achieve record level high due to tensions in Gulf &

London/Washington/Copenhagen: Gold prices have hit new highs in the last four years. The price of gold will jump to new heights this year, claimed analysts at Europe’s Saxo Bank. On Monday, gold prices jumped to more than two thousand dollars an ounce on the backdrop of tensions in the Gulf and a possible decision by the US Federal Reserve. The US dollar and the returns received from investments in it are increasing and despite this, the price of gold being more than two thousand dollars is attracting much attention.

Earlier this month, the price of gold slipped to $1,810 per ounce. However, a new surge in this price has started on the backdrop of tensions created by the Israel-Hamas war. The price of gold has increased by 10 per cent in the last two weeks. In Monday’s trade, the price of gold increased by $5.60 per ounce and reached $2,004.

This is the fourth time in the last four years that the price of gold has exceeded $2000 per ounce. This year, in August 2020 and March 2022, the price of gold was more than two thousand dollars per ounce. However, after this, the price declined. Besides, this year, in just six months, gold prices have jumped to more than two thousand dollars per ounce for the second time, which is noteworthy.

Moreover, as the US dollar is gaining strength, analysts are highlighting the rise in the price of gold. This year, an increase in the price of gold was seen when the US dollar was weakening. However, this time, despite getting huge returns from investments made in US dollars, the increase in the price of gold has attracted much attention. Hedge fund investors have also limited their purchases of gold in the international market. Due to this, the price of gold will remain above two thousand dollars per ounce, experts in this field have also expressed such estimates.

Europe’s top investment bank ‘Saxo Bank’ chief analyst Ole Hansen has claimed that the price of gold will rise to a new high. Earlier, in May, the price of gold had reached $2050 per ounce on the background of the crisis that emerged in the American banking sector. However, this level will be crossed by the end of this year, Hansen said.

The US Federal Reserve is likely to take a new decision related to interest rates in the next few days. This time, there will be a decision not to change the interest rates; economic experts and the media have given such indications. Due to this, it is also being said that the rise in gold prices may continue.

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