Jeff Curry, who is Goldman Sachs’s precious metals analyst, has recently spoken to Bloomberg regarding why the investment bank feels so positive about gold's short-term prospects.
According to forecasts, the next three months will see the price of gold grow to $1,600 an ounce. This increase will be driven by the following factors:
Geopolitical risks and the coronavirus epidemic. At the moment, the situation in China doesn't have a positive impact on gold prices, since the Chinese try to stay home in order to avoid infection – and thus aren't active in the market. But this will soon change;
'De-dollarization'. This is a trend amongst a number of countries, and consists in an attempt to stop using the US dollar in bilateral and multilateral trade, and thereby replacing it with their national currencies instead. The expert also pointed towards the policy of several central banks to buy gold for their reserves – a move that is also meant to reduce their dependency on the USD.
The people's saving behavior. As deposit interest rates are falling (sometimes even becoming negative), many persons invest their savings in gold to avoid losing monetary value during the crisis. For example, in 2019, gold yielded 22% in euro.
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