The current instability of the world economy has made investors turn once again to safe haven assets. One of it, gold, has more than once helped market participants in difficult situations. Therefore, according to analysts, demand for the precious metal will increase, and will continue even further in the future.
Experts believe that the upcoming growth in demand for gold will cause its value to skyrocket to $ 1,900 per 1 ounce. The last time that such a price was recorded was in 2011. Reaching $ 2,000 per 1 ounce is also possible.
From April 14 to April 15, the price of gold in the spot market reached $ 1,747.66 per 1 troy ounce. Experts are sure that this is not the limit. According to preliminary calculations, to reach $ 1,900 and above, gold needs to overcome three resistance levels: $ 1,750, $ 1,800 and $ 1,900. If this happens, gold will gain a foothold around $ 1,900 per 1 ounce at the end of the second quarter of 2020.
At the moment, the price of gold varies from $ 1753 to $ 1754 per 1 ounce. One of the resistance levels indicated earlier ($ 1750) has already been passed. Now, experts are concerned whether gold will rise to the next level.
According to some experts, gold being around $ 1,700 per ounce should be considered a new norm. They believe that demand for the precious metal will continue to increase, as dollar, another defensive asset, is now under pressure due to growing liquidity.
