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Gold expected to remain strong in the foreseeable future

S&P Global Market Intelligence expects to see gold continuing on its current path of robust pricing and bullish confidence.

The vote of confidence comes amid healthy demand for the precious metal, coupled with a series of supportive economic and geopolitical factors. Inflation, rate hikes, the ongoing war in Ukraine and fears that economic recovery could soon be upended by the looming recession all place gold in a favourable position, according to the business intelligence experts.

Speaking on Thursday, the firm’s senior market analyst, Bjorn Goosen signalled that current high price levels will be sustainable over the course of the next six months. He said, “Gold demand will be sustained at current levels and mainly supported by the jewellery sector, but also buoyed by central banks and ETF-related demand. We expect exploration growth to continue into this year.

“The global economy and credit markets are now confronting downside risks stemming from the Russia-Ukraine conflict, persistent inflationary pressures, forthcoming high interest rates, and the lingering pandemic.”

Goosen added “Our price outlook for gold appears healthy for the medium term.”

If you caught our Wednesday bulletin, you’ll already be aware that a range of credible organisations including Deutsche Bank and Bank of America now believe a recession is incoming, making this outlook for gold a very compelling reason to buy now.

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