Gold prices could surge beyond the $2,000 level this year as economic and geopolitical uncertainties lead to a rush for safer assets, analysts predicted.
jumped to record levels, trading at $1,931.11 per ounce after earlier moving as high as $1,943.92 per ounce. Those levels eclipsed the previous record high price set in September 2011. Gold was trading around $1,932.81 per ounce in the afternoon.
"We think the current momentum in the next few months will cross the $2,000 an ounce mark. The key question is how much does the rally increase after that," Commonwealth Bank of Australia's Vivek Dhar, mining and energy commodities analyst, told CNBC on Monday. He added that in order to see prices well above that level — like $2,500 per ounce, the U.S. would have to move interest rates to below zero.
There is an inverse relationship between gold prices and real yields. Real yield is an investment return that has been adjusted for inflation. When real yields go down, gold prices will go up, and vice versa. In such a scenario, the opportunity cost of holding gold, a non-yielding asset, is lower as investors are not foregoing interest that would be otherwise earned in yielding assets.like its counterparts in Europe and Japan.
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