Analysts in the United Arab Emirates have made predictions about the price of gold in the coming year, which will have an impact around the world. Analysts say gold prices will continue to rise in the coming months, crossing $2,700 an ounce this year and $3,000 early next year.
According to Khaleej Times, geopolitical tensions, interest rate cuts, demand from China, central bank purchases and the upcoming US election will determine the price of gold in the coming months.
“We are happy with the current price of gold. Gold has become fashionable for various reasons, with BRICS and third world countries eschewing dollar reserves and leading to dollar shortages,” said Philippe Leal Camejo, senior vice president at Noor Capital. are rising as central banks move towards gold reserves.
“If you look at hedge funds, there is a huge inflow of capital into gold, there are a lot of factors that are likely to increase the price of gold,” he said.
He added that Goldman Sachs had set a target of $2,700 for gold and it recently rose to $2,900 and is likely to rise to $3,000. “I think gold will touch $3,000 in the first quarter of 2025,” said Flip Leal.
“I expect gold to reach $3,000 in the first quarter of next year,” said Eli Nachavati, senior business development manager at XS.com. Key factors include, for example, the Middle East and the Ukraine-Russia war, interest rate hikes by the Federal Reserve, and inflation in the United States.
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