2023-06-13 09:10:36
Saturday 10 June 2023 | 11:01 p.m
The gold market is in a state of confusion, as a result of the frequent changes during the current period, as the yellow metal recorded record levels in Egypt.
Analysts expected that the price of gold would decline by a large percentage before returning to rise once more, including Harry Dent, founder of HS Dent, who says that gold, which is currently trading at regarding $ 2,000 an ounce, will reverse and achieve a significant decline, and enter the largest collapse that can be seen in its wave. The second, before bouncing back up.
collapse and then recover
He explained that gold will collapse, along with other assets, to $900 an ounce, meaning that it will lose more than 50% of its value, but he said that it will eventually reach $4,000 following the market recovery and the next economic boom.
Dent predicts gold will reach as low as $900 an ounce by mid-2024.
The decline in the price of gold
He noted that gold is not a safe haven, expecting gold to drop to $900 to $1,000, and this will be much lower than other commodities.
gold prices
Dent, who predicted a decline in the price of gold by 2024, said that India’s growth bodes well for the long-term outlook for gold prices, noting that the country’s gold consumption is the second largest importer of gold in the year.
He added that if India flourishes, gold will flourish, because Indians buy and use gold for security, jewelry and everything else.
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