Saturday 03 June 2023 | 10:33 am
Recently, a state of instability dominated the gold market, and it even recorded record levels earlier, when a gram of gold in Egypt exceeded 3,000 pounds for the first time in history.
During the past days, gold prices fell again, to record their lowest levels in two months, while analysts expect the yellow metal prices to decline significantly.
In the meantime, analysts expected that the price of gold would decline by a large percentage before returning to rise again, including Harry Dent, founder of HS Dent, who says that gold, which is currently trading at levels close to $ 2000 an ounce, will reverse and achieve a significant decline, And it enters the largest collapse that can be seen in its second wave, before rebounding to rise again.
He explained that gold will collapse, along with other assets, to $900 an ounce, meaning that it will lose more than 50% of its value, but he said that it will eventually reach $4,000 after the market recovers and the next economic boom.
Dent predicts gold will reach as low as $900 an ounce by mid-2024.
The price of gold fell
He noted that gold is not a safe haven, expecting gold to drop to $900 to $1,000, and this will be much lower than other commodities.
Dent, who predicted a decline in the price of gold by 2024, said that India’s growth bodes well for the long-term outlook for gold prices, noting that the country’s gold consumption is the second largest importer of gold in the year.
He added that if India flourishes, gold will flourish, because Indians buy and use gold for security, jewelry and everything else.
21 karat, at 1,200 pounds
According to Harry Dent, founder of HS Dent, if gold prices decline by about 50%, and by calculating the value of a gram of gold recorded this morning, in which 21 carat recorded about 2400 pounds, it will fall to a level of about 1200 pounds.
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