Gold prices to hit record high of $2,500 amid uncertainty & geopolitical tensions

London/Washington – In the wake of rising global uncertainty and geopolitical tensions, investors have turned their attention again to safe-haven gold. Due to this, gold prices are likely to jump steadily in the days to come. Mark Newton, an expert, claimed that the price of gold could reach a record level of $2,500 per ounce (28.34 grams) during this period. During Wednesday’s trading, the price of gold crossed the level of $2,000/ounce. It is the third time that the gold price has crossed this level this year.

Last month, gold prices had slipped to $1,800 an ounce. On the background of uncertainty and geopolitical tension, the price of gold will reach a record level of 2500 dollars. However, it is rising again in the backdrop of tensions created by the Israel-Hamas war. Besides, some analysts claimed that investors have again focused on gold as the US Federal Reserve has kept interest rates stable. Mark Newton, a senior official of Fundstrat Global Advisors, claimed that the gold price will reach $2,080 per ounce in the next few days, and later, the same price will bounce to a record level of $2,500.

Moreover, France’s top bank, Society Generale (SocGen), estimated that gold will be around $2,200 per ounce in 2024. The French bank has also said in its estimate that the elevation will continue after crossing the $2,000 mark. Additionally, the bank drew attention to the fact that issues such as turmoil in the capital market and the purchase of gold by Central Banks would cause the price of gold to rise. On the background of uncertainty and geopolitical tension, the price of gold will reach a record level of 2500 dollars. Europe’s top bank, Saxo Bank, had also claimed that the price of gold would reach a new record level a few days ago.

On Wednesday, the price of gold exceeded $2,000. It has happened for the fifth time in the last four years. Earlier in August 2020 and March 2022, the price had increased by more than $2,000. Later, the price of gold reached $2,000 in April and October of this year. Gold prices have again surpassed the $2,000 level in just over a month after the October surge.

Furthermore, analysts have underlined this rise in the price of gold during the strengthening of the US dollar. Earlier, gold prices seemed to rise when the US dollar weakened. However, despite giving good returns to the US dollar this time, the gold price jump draws much attention. Investors of Hedge funds have also limited their purchase of gold in the global market. Still, the fact that gold prices are rising draws much attention. At this point, there are indications that gold will remain above $2000/ounce.

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