Investors forecast a new historic high for gold within two years
In September, central banks carried out the largest monthly purchases of the precious metal in almost two years.
Central banks bought the most gold in almost two years in September, with nearly 63 tonnes purchased, according to the World Gold Council. The price of gold fell 2% to $4,075 per troy ounce on expectations the US Federal Reserve will raise interest rates again, but some fund managers predict a strong rebound. They forecast the price of gold to reach new historic highs within 24 months, driven by investors seeking safe-haven assets amid geopolitical tensions and economic uncertainty.
The gold price reached a record $5,500 per troy ounce in January, and although it has since retreated, it remains at historically high levels.
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