These days, gold is really making waves. It’s not just regular folks getting in on the action; even central banks around the globe are scooping up gold. With all the geopolitical tensions going on, it’s seen as a safe bet for investment. Both the global and domestic markets are seeing a steady rise in gold prices. Plus, a top financial services firm has shared its predictions on how much gold prices might soar in the next year. Check out the details below.
Gold prices are set to skyrocket in the next year!
UBS has put out a bold forecast regarding gold prices. They predict that gold could hit $3,000 per ounce within the next 13 months. Curious about the current gold price? Previously, Ilya Spivak, the Global Macro Head at TastyLive, mentioned on CNBC that gold could surpass $3,000 per ounce at any moment.
What’s driving the potential price increase for gold?
If the trade tensions between the US and China heat up, China might ramp up its gold purchases to boost its reserves. This could push prices even higher.
As for today’s gold prices, due to the ongoing tensions between China and the US, gold saw a rise on Thursday, nearing record highs from the previous session. Currently, gold is priced at $2,887.20 an ounce on COMEX, while silver has dipped to $32.73 an ounce. In India, gold for delivery on April 4, 2025, is up 0.06% at ₹84,617 per 10 grams, and silver for delivery on March 5 has climbed to Rs 95,682 per kg.
Gold holds a special place in Indian culture and finance. It’s a go-to investment and is especially significant during celebrations like weddings and festivals. With the market always shifting, investors and traders need to stay alert to these changes. Keeping up with the latest trends is key to making informed decisions.