“What is bad for the world is good for gold,” the bank’s review said. The coronavirus epidemic has led a huge amount of unsecured money to the global economy to offset the damage from the effects of COVID-19. Government bond yields declined, and interest rates in many countries became negative. “In these conditions, we see good support for the world price of gold, even despite the fragile geopolitical situation, which directly depends on the situation in the economy.”
According to analysts, the average price of gold in 2020 will be $ 1,732 per ounce. Thus, the bank increased its previous forecast by + 5%. As for silver, the forecast for the current year was increased by + 2% to $ 17.60 per ounce. The long-term forecast indicates the price of silver at $ 18.25 an ounce.