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As Goldman Sachs analysts have explained, one of the main factors to foster gold price’s further rise is concern over the US dollar’s global standing as a reserve currency.
Gold is benefiting from the present uncertainty. But it is unclear whether gold prices will grow further and set new record highs. Bulls’ next target is $2,000.
This year the gold price is 18.38% up. Analysts are predicting further growth. At the moment of writing, it is trading $1,810.40 per ounce.
It seems that several factors played against gold recently. With Washington announcing the reach of a partial trade deal with Beijing being just one of them, gold price dropped sharply from its previous highs.
The news can be a sign that Bitcoin is becoming more mainstream and investors get more interested to invest in the cryptocurrency.