Gold bull market predicted to continue in 2021


The gold bull market is predicted to continue in 2021 and likely to reach K1.5 million per tical (0.578 ounces, or 0.016 kilogrammes) sooner or later as gold is the best safe-haven asset, an investment observer shared his opinion.
The price of precious pure gold metal remarkably soared to K1,444,000 per tical in the third week of April 2021, following the hike in international gold prices.
The price of domestic yellow metal reached K1,440,000 per tical tracking the positive international trends. The global gold prices were hovering around US$1,745-1,787 per ounce in recent days.
The price stood at only K1,302,000 per tical on 4 March, and then, it rose above K1,385,000 per tical on 23 March. According to the domestic market, the price has now increased by around K60,000 per tical within a month.
The gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. The rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March), the gold traders said.
According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of K1,280,000 (1 December) and K1,332,000 (28 December).
With global gold prices on the uptick, the domestic price hit fresh highs last year, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over K1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019. — GNLM

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