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The last two quarters were very hard for gold due to the strengthening of the US dollar position, the growth of the stock market and the increase in the real yield of government bonds.
This week, the value of gold reached its maximum for the first time in three months amid turbulence in global stock markets. The precious metal was once again considered by investors as a defensive asset.
"The budget crisis in Italy, the situation around Saudi Arabia, as well as the growing trade wars and increasing customs duties, put pressure on the stock market, while gold is supported for growth," analysts said.
"In addition, over the past few weeks, it was possible to observe a positive correlation between the dollar index and the price of the precious metal. This indicates that the gold exchange rate has become more stable to the strengthening of the American currency. If the dollar index starts to decline, it will further increase the value of gold," they added.
According to them, geopolitical tensions in the world will also act as a supporting factor for the price of precious metals, as investors need risk-free assets in order to survive unstable times.
"Now is not the best time to sell gold. On the contrary, investors should increase the share of precious metals in their portfolio and keep in it from 5% to 10% of their own assets. Gold is insurance in case the correction in the stock markets drags on," experts say.
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