But in the short term, the bank's analysts do not see a catalyst that could affect the rise or fall of the gold price. However, in the new year, the situation may change, especially if there are signs of rising inflation, caused by measures to support the economy in the context of the spread of coronavirus. In this case, investors will look for an opportunity to save their savings from depreciation with the help of the yellow precious metal.
The bank believes that in the next 2021, the cost of one ounce of gold will reach $ 2,300. Particularly high demand for gold will be observed in developing countries, which will be a significant factor supporting the market. Even now, one can observe a recovery in demand for gold in India and China, which are the main consumers of precious metals in the world. In past years, they accounted for almost 50% of the global demand for gold.