The price of gold is rising sharply, linked to inflation, after 15 months in a row there was a depreciation of the precious metal.
According to the US Department of Labor, October inflation rose 6.2% year on year to a 31-year high. Following the announcement of these data last week, the price of gold on the London Stock Exchange rose by a percentage to 1845 dollars per troy ounce, and by 17 o’clock it is already 1868.5. Then at the end of the trade there was another decline to 1861 dollars. This is the highest price since June, according to international markets.
The rise in gold has prompted analysts at one of the largest US banks, Citigroup, to raise its forecast for the fourth quarter by $ 100, predicting an average price of $ 1,800 by the end of the year. They point out that the growth in demand for gold is mainly due to fears of further acceleration of inflation.
At the beginning of last year, gold prices also rose, with the stock price rising by 17%. A 5-year high of more than $ 2,000 was reached in early February, followed by a decline. The reason for the rise in prices at the time was a market deficit.
$ 395 billion is global sales of gold exported from all countries in 2020, according to the World Gold Council and the World Trade Organization. This is an increase of 20.8% over the last five years. In 2016, global gold supplies were estimated at $ 326.9 billion. In just one year – from 2019 to 2020, the value of export gold increased by 29%.
After the largest exporters in Europe are Russia and Germany, and Bulgaria is in the top 100 with realized deliveries for 29.2 million dollars in 2020. (24 hours)