45 Central Banks Agree on Historical Gold Price Forecasts
The gold prices have sent shockwaves through the global markets. Amid the instantaneous fluctuations and sharp declines, investors have been left in a state of confusion. However, a game-changing move has come from central banks governing the world's largest economies. The Official Monetary and Financial Institutions Forum (OMFIF) has compiled a report with the participation of 74 central banks. 45 of these central banks have come together to agree on a common figure for gold, setting a historic date.
Central banks are flocking to gold.
A recent study has once again highlighted the influence of gold in global markets. The report, prepared by OMFIF, pointed to historic record levels at central banks. Andrea Correa, Research Director at OMFIF, in evaluating the research findings, noted that the near-record highs of gold prices have significantly increased the cost of reserve augmentation for central banks.
The report, which incorporates the views of 74 central banks, indicates that these institutions continue to perceive gold as a safe haven. Regardless of how high the prices climb, gold maintains its allure as the top investment tool, the report noted. Physical gold reserves are held by 82% of the participating institutions, a figure that stood at 71% the previous year.
Moreover, 30% of these institutions have voiced their intentions to increase their gold reserves over a two-year period.
45 central banks have jointly provided a date and figure for gold.
The most striking part of the report was the central banks' predictions about gold prices. A common date and figure for gold was provided by the 45 central banks participating in the survey.
According to central banks, the price per ounce of gold will be in the range of 56,000 dollars by June 20207.
Only 28 percent of the respondents believe that high prices will completely halt new purchases. Experts emphasized that the central banks have made a record price prediction.
The report noted a shaken confidence in the US dollar. Approximately 80 percent of the participants believe that the global monetary system is evolving towards a multipolar structure. Although the dollar still maintains its position as the leader of global reserves, many central banks aim to decrease the share of the dollar in reserves in the upcoming period.
The statements in this content are not investment advice.
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