Gold prices will reach $2,200 per ounce in the next year - Swiss Bank UBS analysts claim

London/Bern – According to Swiss bank UBS analysts, gold prices will reach $2,200 per ounce by next year, breaking the previous records. On Wednesday, gold prices in the international market bounced back and crossed the $2000 mark per ounce. It marks the third time in the last four years that gold prices have crossed the $2,000 mark. However, analysts and experts indicate that gold will maintain above the 2,000 mark this time.

In the wake of the crisis in the banking sector in the United States and Europe, it has come to light that investors have turned their attention to gold. Moreover, gold prices have been increasing steadily in the last few days. Last month, gold prices touched a high of $1,988 per ounce (28.33 grams). This was the highest in the past 11 months. At that time, many experts in the market had predicted that gold would easily cross the $2,000 mark.

In just 20 days, this prediction has come true. Gold prices rebounded to touch $2,030 per ounce in trading in the international market on Wednesday, while gold in the American market recorded at $2,038 per ounce. Even in the transactions on Thursday, the level above $2,000 remained, and it came to the fore that gold traded at $2,021 per ounce in the United States.

Three banks collapsed in the US in a week last month, and the fall in banking sector stocks continues. On the other hand, after the merger of Credit Suisse, one of the world’s ten largest banks, there has been a lot of unrest in the financial markets and among investors, including the banking sector. In addition, this seems to have affected other components of the market. Gold prices have begun to rise since the crisis in the banking sector unfolded.

Investors seem to have once again turned to gold as a safe haven as the crisis in the banking sector shows signs of continuation. Due to this, the demand and prices of gold have seen a huge increase. In August 2020 and March 2022, gold crossed the $2000 mark per ounce. However, since then, these rates have come down to some extent. But this time, due to a crisis in the banking sector and signs of recession, the trend towards gold will continue, and the rates at $2000 will also remain the same for some time to come, analysts claim.

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