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Short-term and long-term forecasts for gold have always been optimistic. The market's confidence in the precious yellow metal exceeds that of the greenback. In the run-up to the US presidential election, the attitude of investors to gold is becoming more and more trepid.
Regardless of the election's outcome, analysts say that there is a possibility for the "solar" metal to rise in price in the near future. Recall that both US presidential candidates, Donald Trump and Joe Biden, plan to introduce new fiscal stimulus measures. Should either of them win, the Fed will turn on the printing press again, "flooding" the national economy with unsecured dollars. In consequence, the greenback will be greatly devalued and gold will significantly rise in price.
Last night, October 21, the yellow metal added 1%, reaching a weekly peak of $1,930 per ounce. Later, the precious metal was trading near the $1,925 mark, and the catalyst for this growth was the optimism of investors about the possible adoption of the next package of financial assistance in the United States. Due to this, the US currency was put under pressure. The "sunny" metal took advantage of the situation and rose on the crest of a wave of investor interest. Today, October 22, gold fell by almost half. Now, the yellow metal is trading near $1,918 per ounce, but it is still trying to return to yesterday's records.
Many traders treat gold as an inflation hedging tool. Historically, the yellow metal is considered a means of protection against inflationary fluctuations, currency depreciation, and insurance in case of a prolonged period of uncertainty in the market. According to experts, the main precious metal rose in price by more than 26% against the background of unprecedented global stimulus measures this year. At the same time, experts admit that in 2021, the price of gold is unlikely to exceed $2000 per ounce, although they do not exclude the successful conquest of new peaks by the precious metal.
The most important factor contributing to the growth of the "solar" metal may be the global pension funds. They practically do not own gold, but they can become the trump card in the sleeve that will raise Gold to a dizzying height. Some of them did not receive funding before the COVID-19 pandemic. If pension funds start investing at least 1% of their capital in gold, its price will soar to $10,000 per ounce in a short time, says the President of BMG Group Nick Barysheff. The expert believes that the reason for this is a limited amount of investment to the precious metal, large purchases of which can provoke an unprecedented price turn and consolidate the upward trend.
The seasonal factor can provide invaluable assistance to gold. Surprisingly, on the side of the precious metals market – namely autumn, the price will increase. Based on long-term observations, this is a powerful seasonal driver of the rise of "gold" quotes. Investors can look forward to an impressive profit caused by the fall growth of the yellow metal. An additional impetus for the price of gold will be the upcoming US presidential elections.
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