Bazrafshan: By the end of the year, the price of gold will increase due to the effect of the dollar price on the orbit
Nader Bazar Afshan, secretary of the Tehran Jewelry Union, referring to the rise in the price of the dollar, said: "It is predicted that by the end of the year, we will see its impact on the price of gold in the domestic market." As long as the foreign exchange market is in an upward trajectory, we can not expect the price of gold and coins to fall.
He announced the continuation of the growth of gold and coin prices if the exchange rate rises and said: "With the continuation of the rising trend of the dollar exchange rate, we can not expect the price of gold to stabilize."
According to the Gold Cafe , the secretary of the Jewelry Union considered the high fluctuation of the exchange rate as the most effective factor in increasing the prices in the gold market and said: "Of course, along with the rising price of the dollar , the price of an ounce has increased. By the end of the year, we will see its impact on the forecast of gold prices in the domestic market.
He said: "Late last week, with the decrease in the exchange rate , we also saw a fall in prices in the gold market , but the dollar has changed direction over the past two days and has risen again, and thus the price of gold and coins has also risen; As long as the foreign exchange market is in an upward trajectory, we can not expect the price of gold and coins to fall.
He noted the sharp decline in gold products since the beginning of the year: "Although gold products have not had a good market since late last year, the demand for coins has increased slightly, but overall gold and coins are always the least risky market to invest in." And will have good returns in the long run.
Bazrafshan added: "So the gold market still has its applicants and I reject the claim that people have turned to selling gold to enter other markets."
In the end, he added: "Today, the value of each gram of 18-carat gold is 860 thousand Tomans, and each coin of the whole new design is traded at the price of eight million 810 and the old design coin is traded at the price of eight million and 450 thousand Tomans;" Also, the price of a half coin in today's market is 4,440 tomans , a quarter coin is 2,450 tomans and a one gram coin is 1,300,000 tomans.
Gold price forecast by the end of 2020
The bars of gold quoted RT, Peter Hogg, director of global trading Kitco Institute says the price of gold by the end of this year exceeded 1920 dollars per ounce, which was incorporated in 2011, will pass.
"In the short term, especially based on seasonal factors, the price of gold may experience a relatively low volatility trend, but by the end of this year, I think the previous record for gold prices set in 2011 at $ 1920 per ounce," he said. Receipts will fail and may rise even higher.
While there is still a long way to go until the end of the corona virus outbreak, many of the fundamental risks that threaten global economic growth will remain, at least until next year, according to the veteran gold market expert.
"Continued damage to the world's economies could lead to a resurgence in the commodity market, and gold may experience a slight decline in price as it trades in stock markets before it can grow again," Hogg said.
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