World Desk, AnyTV, Tokyo
Published by: Harendra Chaudhary
Updated Mon, 28 Feb 2022 07:45 PM IST
Summary
According to market analysts, on Saturday also the price of gold was at the highest level since January 2021. Masayo Kondo, president of Commodity Intelligence, a Tokyo-based agency, told the website NikkeaAsia.com – ‘The price of gold is increasing due to the uncertainty of the geopolitical situation. This estimate is based on reality that due to the Ukraine crisis, this price will go beyond two thousand dollars an ounce.
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Expansion
American investment bank Goldman Sachs has said that due to the high rate of inflation internationally, people are considering gold as the last resort of safe investment. International bank UBS has said that due to rising interest rates across the world, investors are not finding it profitable to invest in such assets which have low returns. That’s why they are buying gold. The price of gold in the international market had reached a record level in August 2020. Then the price of gold had exceeded two thousand dollars per ounce. Analysts say that this record may be broken this time.
There was a stir after the expulsion of Russia from Swift
According to market analysts, on Saturday also the price of gold was at the highest level since January 2021. Masayo Kondo, president of Commodity Intelligence, a Tokyo-based agency, told the website NikkeaAsia.com – ‘The price of gold is increasing due to the uncertainty of the geopolitical situation. This estimate is based on reality that due to the Ukraine crisis, this price will go beyond two thousand dollars an ounce.
US agency TD Securities has said that fear has prevailed around the commodity supply across the world. That’s why people are investing in gold. The agency’s head of global strategy, Rich Kelly, has said that Russia is among the leading producers of palladium, platinum, gold, crude oil, natural gas, nickel, wheat, aluminum, coal, and copper. Since the restrictions have been imposed on him, there has been speculation in the entire market.
Federal Reserve will raise interest rates
Investment bank Morgan Stanley expects the Federal Reserve to raise interest rates six times this year. According to experts, the price of gold is theoretically linked to interest rates. That’s why all eyes are now on the Federal Reserve, which is going to make its first announcement about interest rates within the next ten days.