Signs for gold prices to continue growing in 2017... and more!
Signs of the international scene
The policy of the White House, Marin Le Pen's speech on leaving the EU and its currency, and the announcement of another possible interest rates increment by the Fed are the main signs supporting gold prices' forecasts to continue growing.
In relation to them, Yaroslav Lissovolik, chief economist at the Eurasian Development Bank, declared the following: "when the world financial markets face risks, investors strongly support gold as a safe-haven asset. This is true especially now, when some major currencies, including the British pound and the euro, have significantly depreciated in the last year and have ceased to act as solid assets"
Today's most relevant forecasts for gold prices
According to an analyst at the “Veles Capital investment company: "One of the global reasons for the rise in gold prices in 2017 is the expectation of inflation increase in the Eurozone. Taking into account the current situation in the international market and overall instability in geopolitics, I would await a price range of $ 1,230-1,250 per troy ounce in the medium term."
For its part, the Eurasian Development Bank forecasts that gold prices will range from $1,150 to $1,300 per ounce. In addition to that, they believe that "the demand for gold is supported by monetary authorities." That is to say, the world's central banks are currently expanding their gold reserves while reducing their dollar, euro, and pound ones.
Just like Germany did at the beginning of this year.
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