JP Morgan was the last bank to raise the price of gold by 39%, expecting gold to reach at least $ 2,500 an ounce by the end of this year.
The price of $ 2,500 per ounce is $ 800 more than the current price, which has already set another historic record. Previously, JP Morgan expected a spot price of $ 1,800 per ounce at the end of 2011.
The bank spokesman said growth would occur within high volatility and that the price box would be “the growing likelihood of a worsening financial crisis”.
A day earlier, Goldman Sachs also raised its gold price forecast. Bank economists say the probability of a recession in the next six months will be 1 in 3. But Goldman Sachs’ forecast for gold is lower than JP Morgan’s, with $ 1,645 an ounce in three months and $ 1,730 in six months. . But a day after the Goldman Sachs forecast, the price of gold has already surpassed it. Gold has become a beloved investor amid deteriorating economic conditions in the eurozone and the United States.