There will be a record breaking rise in gold prices! Central banks around the world are going to make big purchases

Gold Price Hike Forecast: In this period of economic uncertainty, central banks around the world once again have the strongest trust in gold instead of currency. The World Gold Council’s latest annual survey makes it abundantly clear that there is a long and strong trend among reserve managers to increase the share of gold in their portfolios.

Big revelation in the survey of 76 central banks

This time, 76 central banks from around the world have participated in the survey, which is considered to be the largest figure till date. According to the survey report, about 84 percent of the central banks clearly believe that just five years from now, the share of gold in the total global reserves is going to be much higher. Interestingly, the central banks of developed countries, emerging markets and developing economies are speaking in one voice on this matter.

Gold outlook positive for long term

Ajay Kedia, Director of Kedia Advisory, has given his special opinion on the results of this survey of the World Gold Council. He said that the long-term outlook for gold prices remains very bullish and aggressive. However, due to rising prices of crude oil, inflation has increased and hence interest rates are also increasing, due to which there may be some pressure on gold for the next three-four months.

Gold can go up to $6500 per ounce

While sharing a big and future data of gold prices, Ajay Kedia said that in the next one year, the price of gold can easily go from $ 6100 to $ 6500 per ounce in the global market. This simply means that the common man may see a sharp rise in gold prices in the coming days.

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The threat of dollar is continuously decreasing in the global market

Data from the International Monetary Fund (IMF) also clearly shows that the share of the US dollar in global reserves is continuously decreasing. About 74 percent of the reserve managers surveyed estimate that five years from now the share of global reserves will be much lower than at present. The world’s trust is now rapidly shifting from the dollar to gold, which is considered a safe investment.