Gold prices are projected to hit a record high of $2,917.40 per ounce by the end of October next year, according to a survey conducted within the gold and silver industry. This anticipated increase represents a nearly 10% rise from current levels. The data comes from top traders, refiners, and miners who attended the London Bullion Market Association (LBMA) annual conference in Miami.
Spot gold prices have surged approximately 29% this year. The boost is attributed to gold's appeal as a safe-haven asset amid geopolitical and economic uncertainties. Additionally, gold serves as a hedge against inflation and a tool for wealth preservation. Last month, gold prices soared past $2,685 per ounce, reaching an all-time high, bolstered by expectations of a rate cut by the Federal Reserve. Gold, which does not yield interest, tends to perform better in a low-interest-rate environment.
The surveyed LBMA representatives also predict that silver prices will rise significantly, with expectations of a 43% increase to $45 per ounce during the same period.
