Russia’s Alfa Bank does not exclude a rise in gold prices above $1,400 per ounce in 2019, Boris Krasnozhenov, head of the bank’s analytical research department, told Trend.
"The consensus forecast for the gold price is about $1,300 per ounce for 2019. It should be noted that gold production continues to decline, while the demand for gold from private investors and central banks is growing significantly," said Krasnozhenov.
According to him, gold remains a rather unique asset in the current market situation.
"In case if the Federal Reserve System keeps its aggressive policy and strengthens the US dollar, we can see significant sales in the stock market. In this case, gold becomes a safe haven for investors," said Krasnozhenov.
He added that gold is an optimal asset for protection against inflation.
Gold price resumed growth after a significant decline in August 2018 to $1,167.55 per ounce. As of 15:24 Baku time (GMT +4), one ounce of gold is traded at $1292.45.
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