MOSCOW, September 1. /TASS/. Gold prices may set a new record in two coming months and reach $3,600 per ounce, the press service of VTB said, citing investment strategist Alexey Mikheev.

"We believe gold prices will update the historical maximum during the next two months and may reach the level of about $3,600 [per ounce]. It will occur amid the beginning of the Fed’s monetary policy softening cycle and further weakening of the dollar rate. However, in our opinion, the market will reverse downward as early as by the end of the year. Prices will decline to the range of $3,300 - 3,400 [per ounce] and will probably descend below $3,000 [per ounce] in the next year," the expert said.

The gold price at present is much above fundamentally justified values and costs of 10% least profitable producers are at the level of about $2,500 per ounce, Mikheev said. "This provides goldminers with windfall profit and apply pressure to the price as a consequence. The declining attractiveness of gold as an alternative asset against growing interest in cryptocurrencies serves as an additional driver," he noted.

As distinct from gold, the silver market indeed experience deficit because of the proactive use of this metal in the industry, including production of solar panels, the expert noted. "Reserves are depleting gradually, which shapes a long-term rising trend. We expect the silver price will reach $40-42 per ounce by the end of 2025 and may grow to $50 [per ounce[ in 2026," he added.