Gold price to crash soon? Here's what experts are predicting about gold rate
Gold prices fell big time as spot gold witnessed worst week since November.
Gold rate
tanked around 10 per vent from a record high just above $3,500 per ounce in April.
Spot gold was trading around $3,180 an ounce on Friday but analysts are sticking with a bullish outlook due to strong underlying support for the metal, as per a Reuters report.
Gold, often used as a safe store of value in times of political and financial uncertainty, rose to an all-time high of $3,500.05 per ounce on April 22 and is up 21 per cent so far this year after a 27 per cent increase over the whole of 2024.
by Taboola
by Taboola
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"Nothing is set in stone and the risks still remain very high... Overall it's too early to call out the top in gold prices," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.
"Gold prices are more likely to rise than to fall from this stage onwards as other factors like central bank demand and very strong investor demand from China are not going away anytime soon," said Nitesh Shah, commodities strategist at WisdomTree.
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The inflow into physically backed gold exchange-traded funds in April was the largest since March 2022, with China-listed funds leading the move, data from the World Gold Council showed last week.
China's central bank added gold to its reserves in April for the sixth straight month, official data from the People's Bank of China (PBOC) showed earlier this month.
"Longer term, we remain constructive (on gold) from a hedging perspective as geopolitical tensions are unlikely to disappear completely, real interest rates are expected to decline, the U.S. dollar is forecast to weaken, and central bank buying remains strong," said UBS analyst Giovanni Staunovo.
FAQs
Q1. What is current
gold price
?
A1. Spot gold was trading around $3,180 an ounce on Friday.
Q2. What is China doing with gold?
A2. China's central bank added gold to its reserves in April for the sixth straight month, official data from the People's Bank of China (PBOC) showed earlier this month.
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