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.