The price of gold in Bangladesh has increased to a record amount in history. So should you sell the gold in the vault now or at the end of the year? Because investment experts are predicting that the price of gold will skyrocket by the end of the year in Bangladesh as well as around the world.
In Bangladesh, the price of gold rose last on January 14. The price of good quality gold has increased by more than 2600 taka, now the price of gold has reached 93 thousand 429 taka. It is said that the price of gold in the country has never been so high before.
Before this, on January 7, the price of gold in the domestic market rose again.
With this, the price of gold has increased by more than five thousand rupees in two rounds in the last week.
What will be the status of gold in the world market?
In the late 2000s, the future of gold began to shine. That is, its price starts to rise. According to a report by Forbes, the reason for this is that the value of the US dollar has become somewhat flexible during this time. Despite the ups and downs, it is said that the gold market will remain hot in 2023.
According to a Bloomberg report, the price of gold may reach three thousand dollars per ounce in 2023. Bloomberg has quoted the famous economist Steen Jacobson as predicting the price of gold.
Citing Juerg Kiener, managing director, and chief investment officer of the Singapore-based company Swiss Asia Capital, the news media CNBC said in their report that in 2023, the price of gold may increase to four thousand dollars per ounce. He believes that gold prices will rise as rising interest rates and fears of a recession make global markets uncertain.
He told CNBC that there will be big changes in the gold market. It’s not just “a 10% or 20% increase” but this change will “actually touch new heights.”
He said many economies “may be in a bit of a recession” at the start of the year. Due to this banks will take some time to raise their interest rates. And he thinks that the gold market will go up in this opportunity. Mr. Gold is the only commodity that all central banks hold, Kiener said.
According to the World Gold Council, the world’s central banks bought 400 tons of gold in the first three months of the current fiscal year. Which is almost double compared to the same period in 2018. Central banks bought 241 tons of gold that year.
Mr. Kiener said banks are turning to gold for investment as inflation runs rampant in many countries around the world.
No forecast can be guaranteed, however, as commodity markets are extremely volatile in the short term.
Apart from all other factors, if the value of the US dollar is on the decline, then it is feared that the market price of gold will remain high.