Not a day goes by without financial experts explaining their views on gold. This precious metal is the nº 1 topic on the international market and for the many people who are concerned about their finances.
Deutsche Bank on buying gold: facts & figures.
Last week, gold prices consolidated in a range between $1,200 and $1,250 per ounce. On Monday, 22 February there was a drop to $1,207 preceded by a rise to $1,246.
Two days later, gold prices posted an important gain with $1,249 per ounce and dropped afterwards on February 26 to $1,216. On the leap day, February 29, gold prices hit $1,230 per ounce.
What is influencing gold prices?
Upward trend of gold prices
During a press conference, a representative of the Deutsche Bank pointed out that there is tension in the global financial system. He believes there is risk of bankruptcy in some US companies and of devaluation of the Chinese yuan, and advised the purchase of gold as a reasonable measure.
Analysts from Deutsche Bank expect a growth in gold prices up to $1,260. The previous forecast showed a lower price; however the experts at the bank, and economists in general, believe that there is a higher instability in international financial markets and that always translates into higher gold prices.
Gold as an alternative to currencies
Since the beginning of the year, gold prices have increased by 16% in comparison to euro;
by 24% in comparison to pound; and by 9% in comparison to yen, as reported by the BNY Mellon.
The growth is not over and therefore Georgette Boele, expert at ABN Amro, has stated that it is still profitable to purchase this precious metal.
Buying gold for safety and earning income
The number of experts urging people to buy this precious metal is increasing day by day. People progressively become aware of the importance of protecting their money and start buying gold.
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