Possibility of gold prices doubling in 5 years

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​News Desk: The price of gold in the international market seems to be continuously breaking one record after another. Over the past few years, the price of this precious metal has been consistently on the rise. Although slight fluctuations are occasionally observed, the long-term trend of its price increase remains clear. In 2020, the price per ounce of gold was around 1,585 USD, whereas it currently exceeds 4,500 USD. Source: Deutsche Welle.

​Possibility of Prices Doubling in Five Years

​As inflation reduces the purchasing power of money, people look for investments that can preserve the value of their wealth. Although keeping money in banks yields interest or profits, the interest rates of central banks in many countries around the world are currently relatively low. Consequently, investors are increasingly leaning towards gold as a safe-haven asset. As demand continues to rise, its price is naturally increasing as well.

​A study by economists at Deutsche Bank noted that central banks across various countries are steadily increasing their gold reserves. Emerging economies, particularly countries like China, Russia, India, and Turkey, are purchasing significant amounts of gold. If this trend continues, the price per ounce of gold could reach approximately 8,000 USD by 2031, which is nearly double its current value.