MARKET Updated forecasts on the price of gold and the principal factors destined to influence prices, in order to understand whether it makes sense to buy gold and invest in the safe haven par excellence.
The price of gold remained stable last year between 1,100 and 1,200 dollars an ounce despite the crisis in Greece. Reaching a minimum of $ 1061.30 an ounce on 31 December 2015, it then began to climb to peak in the months of February and March 2016. On February 2 the price of gold hit $ 1,130 / oz (a three month record), and from February 11 it stabilised above $ 1,200 an ounce sailing towards 1300. Analysts have highlighted factors such as the failure of a rise in US interest rates, the strengthening of Quantitative Easing of the ECB, inflation that has failed to reboot, recovery after a collapse in the price of oil and raw materials, Chinese and Indian demand for gold, and of course the financial and economic situation and international geopolitics. Finally, with the referendum on Brexit of 23 June 2016, which produced a result in favour of Britain leaving the European Union, gold prices rose even more reaching $ 1,371.79 / oz on July 6. The effect of Brexit on gold prices is undeniable, however given that gold is traded in dollars, there is a limit to this effect, namely the influence of the dollar on gold prices: the greenback immediately strengthened after the British referendum, confirming its role as the top safe haven in the world, making gold relatively more expensive for non-US investors and limiting purchases. The US dollar is experiencing a period of great strength. Turning to gold trading could prove a profitable option making the most of the ups and downs in prices, although in reality with the strong dollar, it costs more to hold on to the yellow metal. C.F.