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Finance News - Gold Crosses the $2,000 Mark for the First Time in Two Years

Gold Crosses the $2,000 Mark for the First Time in Two Years

  • Marina Avramovic
  • March 11, 2022

Gold prices reached $2,000 for the first time in almost two years as investors looked for a safe place to put their money due to the ongoing Russia–Ukraine crisis. For comparison, the price of gold in 2021 amounted to $1,728.80 per ounce.

Palladium prices also hit an all-time high, reaching $3,263.25 per ounce (8.7% jump).

What’s more, the price of spot gold increased by 1.1%, amounting to $1,990.20 per ounce, while the US gold futures grew by 1.4%, reaching $1,993.30.

Analysts believe that if the tensions between Ukraine and Russia remain unchanged, the price of gold will keep on rising, reaching a new record-high of $2,100! Consequently, spot gold may suffer the same fate. In other words, it could reach $2,065 per ounce.

On the other hand, spot silver witnessed the smallest increase of “only” 0.5%. As a result, it’s currently worth $25.79 per ounce, while platinum’s price grew by 2.7%, amounting to $1,151.51.

According to Canada’s Scotiabank, gold’s average price in 2022 could amount to $1,850 per ounce, while they predict its price will drop in 2023, amounting to $1,700 per ounce. 

Likewise, analysts at Dutch bank ABN Amro have a similar opinion. Namely, they believe that gold’s price will amount to an average of $1,500 in 2022 and an average of $1,300 in 2023.

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Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

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