The price of gold is predicted to far surpass its historic record according to a new report
The uncertainty amid the novel coronavirus pandemic has caused a surge in the price of gold, reaching more than $1,700 per ounce which at the start of the year hovered around $1,500.
Amid the uncertainty, people have started to buy gold to avoid the negative effects of inflation or because they see it as a sound financial investment during a crisis.’, the price of one ounce of gold will hit $3,000 in 18 months. Analysts in the report said: “As economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure.”On the other hand, BofA expects the price of gold to be at $1,695 on average for this year. For 2021, the average will be $2,063.
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