Prospects for gold. Forecast from Standard Chartered

At the moment, the price of gold is consolidating in a narrowing range. After the completion of consolidation, the market expects an impulse which at this stage can turn both into a decrease in the value of the yellow precious metal or its growth.

Negative economic data from the US and China incline investors to buy gold, while Central Banks, on the contrary, have reduced the volume of purchases of this precious metal. This could be a wake-up call before Central Banks sell off their gold reserves.

However, the investment bank Standard Chartered believes that the Central Bank will remain net buyers, because after the removal of quarantine measures in many countries of the world a recession may begin. And in this case only the gold available in reserves will help to stabilize the economy.

Standard Chartered is optimistic. According to their opinion, at this stage, there are many factors that will support the gold market. The world economy is going through hard times. This means that the demand for protective assets like gold will continue to increase.

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