Gold price prediction: Gold rate to crash soon, claims top gold miner
Gold price
is expected to fall big in the next 12 months, claimed Kazakh gold miner Solidcore Resources Plc CEO, as per a report.
Gold rate
on Friday dropped and also witnessed a weekly dip after the dollar rose and there were signs of easing U.S.-China trade tensions.
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CEO of the company, formerly named Polymetal, Vitaly Nesis told Reuters, "I expect prices to fall to $2,500 within 12 months." "There will be no return to the levels of $1,800-$1,900. The premium to the base level will remain. But right now this is an over-reaction to what is happening in the world," Nesis of Solidcore, Kazakhstan's second largest gold miner, said.
Gold, traditionally seen as a hedge against political and economic uncertainties, has gained nearly 26 per cent so far this year, as U.S. tariffs have sparked fears of recession. The Bullion touched a record high of $3,500.05 on Tuesday.
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China is considering exempting some U.S. imports from its 125 per cent tariffs and is asking businesses to identify goods that could be eligible, according to the businesses notified.
Earlier this week, U.S. President Donald Trump suggested a de-escalation of the tit-for-tat tariff battle, saying direct talks were already underway.
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The US dollar, meanwhile, rose and was on track for its first weekly gain since March.
FAQs
Q1. How has Gold performed this year?
A1. Gold, traditionally seen as a hedge against political and economic uncertainties, has gained nearly 26 per cent so far this year, as U.S. tariffs have sparked fears of recession. The Bullion touched a record high of $3,500.05 on Tuesday.
Q2. How is US Dollar performing?
A2. The U.S. dollar, meanwhile, rose and was on track for its first weekly gain since March.
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