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Analysts predict gold could go up to $3,000 per ounce in Q1

Boris Krasnozhenov, head of securities market analysis at Alfa Bank, believes that the recent growth in gold prices can be attributed to investor concerns about a potential global trade war

MOSCOW, February 7. /TASS/. Gold prices may exceed the $3,000 per ounce mark as early as in Q1 2025 amid intensified geopolitical risks and potential tariff hikes globally, experts polled by TASS said.

Boris Krasnozhenov, head of securities market analysis at Alfa Bank, believes that the recent growth in gold prices can be attributed to investor concerns about a potential global trade war, which may spur a new wave of global inflation due to higher trade costs.

"The ten-percent tariff on Chinese imports by the US is still considered as a moderate scenario. China’s move to impose tariffs against goods from the US may be regarded as a mirror response, which is in line with existing principles of international law in the area of trade relations. China has also lodged a complaint to WTO structures against the introduction of a ten-percent tariff on Chinese imports by the US. It cannot be ruled out that gold may test the $3,000 per ounce level in the first quarter in the event of growth of geopolitical and tariff risks," he said.

According to BCS Investment World’s expert Vitaly Manzhos, spot prices for gold did not manage to surpass $2,900 per Troy ounce, whereas they may exceed that level within days. "In this case the $3,000 level, which is 3.5% higher than the current figures, will become the next resistance level. The probability that it will be firmly overcome from the first attempt is not high. This is likely to be the highest possible value by the end of February," the expert said.

Krasnozhenov also said that it cannot be ruled out that tensions between the US and China may ease if negotiations between major global powers are launched, both in the area of trade relations and on various geopolitical issues. "In this scenario, gold may temporarily stabilize at $2,700-$2,800 per ounce and even face a certain correction in this quarter," he added.

Manzhos also stated that the current wave of growth in the price of gold has been going on for a month and a half. "It is possible that it will be followed by a correction decline in the coming days or weeks. In this scenario, the $3,000 level may be tested later," he said.

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