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According to a study by analysts of the largest German financial institution Commerzbank, this year, the yellow metal has fallen in price by almost 5%. However, at the moment, they are fixing a number of signs in the financial markets indicating a trend change in the gold market.
In the course of growing political and economic crises, investors are looking for safe assets to preserve their capital. One of the assets, "shelters" was gold, the price of which rose over the last month immediately by 2%. An important reason for the rising cost of precious metals, experts called the weakening of the US currency. Sinking of the US dollar has become the main supporting factor for gold. The dollar index, which shows the ratio of US currency to the six major currencies of the world, has fallen by 0.8% since the beginning of this month.
According to Commerzbank forecasts, the rate of the American currency will continue to decline next year. Analysts see the reason that the US Federal Reserve (Fed) is ready to curtail the previous policy of raising rates, and the European Central Bank (ECB) intends to tighten monetary policy.
Another reason for the rise in price of gold, experts believe, is the growing interest of American investors in shares of ETF-funds, which are provided with physical precious metals. This factor provides significant support to the price of gold, as the funds acquire the yellow metal to provide them with their securities.
Investors do not disregard such major world events as the budget crisis in Italy, the US trade war with other countries, as well as the question about Brexit. They note the slowdown of the global economy as a whole, and this is cause for alarm by market participants. These factors make you think about protecting your capital. In this regard, many investors and traders shift their investments from shares in gold, believing that the yellow metal will help to wait out unstable times.
In the current situation, it is difficult for analysts to make long-term forecasts. Commerzbank believes that the price of gold has broken the bottom, however, taking into account the fundamental factors, the cost of the precious metal has an impressive growth potential. According to experts, by the end of this year, 1 ounce of gold will cost $ 1,300, and in 2019, the cost of the yellow metal may increase to $ 1,500.
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