29 July
Chantelle Schieven of Capitalight Research expects gold prices to rise to $3,200 this year
Chantelle Schieven, Head of Research at Capitalight Research, told Kitco News she is maintaining her forecast for gold, according to which the price of the asset will rise to $3,200 per ounce this year. She believes that there may be volatility in the market, but she is confident in further precious metal's gains.
Nevertheless, at the moment it is difficult to predict how a potential global recession will affect gold prices, Schieven says. As the expert explains, during economic downturns, investors often sell bullion to raise capital and cover equity losses.
However, in the long run, the yellow metal may strengthen its role as a crucial monetary asset while the US dollar is losing its power as the world’s reserve currency, Schieven suggests.
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