As the world’s economy continues to struggle amidst the ongoing COVID-19 pandemic, many investors are turning their sights towards gold as an investment option. The precious metal has historically been a safe haven in times of crisis, and with the current global situation, many are wondering, “When will gold go up?”
Economists are predicting that gold prices could reach a new high in the coming years. Recent data shows that gold prices have already risen by roughly 13% in 2020, an indication that the market is showing signs of recovery from the pandemic. Although the short-term future of gold prices is uncertain, analysts are expecting that prices will continue to climb throughout 2021 and 2022.
However, one of the biggest factors that could affect the gold market in the near future is the continued growth of the U.S. dollar. As the dollar strengthens, it tends to weigh down gold prices. Therefore, if the dollar weakens or continues to stay strong, the gold market could see a negative impact.
It is also expected that the gold market could be further influenced by a potential Federal Reserve rate hike. An increase in rates could potentially boost gold prices, as higher rates tend to weaken the dollar. Additionally, it is also likely that future decisions made by central banks around the world could affect the global economy and, in turn, gold prices.
Overall, many analysts and experts are predicting that the gold market could reach new highs by the end of 2023. Although this is still quite a ways off, it is important to note that any change in the global economic landscape could cause gold prices to fluctuate in the meantime. Therefore, it is essential to keep an eye on the market and the various factors that could influence it in the coming years.
