According to Bloomberg, spot gold bullion prices have risen 11% since the beginning of July, currently just 10 dollars from the all-time high. In the afternoon of 31/7, gold was traded on Singapore floor for 1,973 USD / ounce.
Previously, gold price sometimes reached a record of 1,974.3 USD / ounce in the session on 28/7. Prices have increased continuously during the past 8 weeks. Since the beginning of the year, gold prices have increased by 30%.
UBS Group forecasts that gold price may reach 2,000 USD / ounce at the end of September. Meanwhile, Bank of America Corp. That gold price could rise to 3,000 USD / ounce.
Gold price is approaching the threshold of 2,000 USD / ounce. Photo: Getty Images
“Gold prices will continue to rise,” said experts from Australia & New Zealand Banking Group Ltd. “The central bank will continue to implement monetary easing policy, causing the dollar to weaken and the risk of inflation to rise.”
In addition to gold, the precious metal market also witnessed the increase in silver prices. In July 31 session, spot silver price increased 1.5% to 23,8473 / ounce. This is the 8th consecutive week of silver gains. Since the beginning of July, the price of silver has risen by 31%, the strongest increase since 1979.