Gold jewelry is displayed for sale at a shop in Khartoum, Sudan.
On April 12, TASS news agency quoted analysts as saying that global geopolitical tensions could cause gold prices to continue their upward trend this year and exceed $2,600/ounce.
Analyst Nikolai Dudchenko of financial services company Finam said the company does not rule out the possibility that gold prices will continue to rise in the long term to around $2,650-2,700 an ounce.
However, it is important to emphasize that any trend can be accompanied by corrections, meaning that periodic price drops can occur, even with such a strong trend.
According to analyst Dudchenko, geopolitical instability, increased demand for gold by central banks, as well as speculative activity in the market continue to influence the world gold price. At the same time, market participants' expectations of the US Federal Reserve (Fed) lowering interest rates and the upcoming general election in India may also affect the price of this precious metal.
Meanwhile, Maxim Khudalov, chief strategist at investment firm Vector X, noted that rising global tensions have so far had a positive impact on gold prices. He said prices are likely to exceed $2,500-2,600 an ounce.
Gold prices on the Comex exchange exceeded $2,400/ounce for the first time in history. As of 18:00 Moscow time on April 12, the gold price was $2,446.6/ounce (up 1.87%).
According to the World Gold Council, demand for gold bars and coins in 2023 will increase the most in Türkiye (88%), followed by Egypt (58%), the United Arab Emirates (34%), China (27%) and Russia, tied with Kuwait (26%).
According to analyst Dudchenko, the demand for gold in Russia can be explained by the desire to diversify investments, as well as the growing level of uncertainty associated with the strengthening of sanctions policy against Russia by a number of countries.
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