Gold prices rise!
Gold price target: Gold price target- Amid recent rounds of rise in gold prices, Chris Wood, the global head of equity strategy in Jeffers, has increased the price target of his long-term gold after a five-year gap. He said that in the coming times, gold prices in America will be more than $ 6,600 an ounce. Since prices are expected to rise in America, its effect will also be seen on Indian gold. Records can be accelerated in it.
In the greed and fear report, this experienced market analyst has suggested that gold prices can reach $ 6,600 an ounce in long -term, based on historical standards and increase in disposable per capita income in the US. His remarks came at a time when gold has touched a record high level of $ 3,700 an ounce this week before the Federal Reserve policy results. Still gold prices in America are around $ 3600. At the same time, if you see in India, the price of gold in the spot market is around Rs 1,11,300 per 10 grams. If the gold in America goes up to $ 6600 in long-term, then in this sense, gold prices in the country can also cross 2 lakhs.
Chris Wood’s argument on gold target
Chris Wood had a target of $ 3,400 for Gold in 2002, which has crossed almost 23 years later. But this analyst of Jefferies told Business Today that this target should have been completed 10 years ago in view of the strange antics happening in the monetary policies of G7. His target was withdrawn on the basis of $ 850 an ounce of the highest price of gold of 1980. It was added according to the 6.3% annual increase in the per capita income of America, which has been happening since 1980. This led to the target price of gold 3,437 an ounce. This target increased with time. The $ 4,200 in March 2016, $ 5,500 in August 2020, and $ 6,600 in September 2025.
Wood believes that if Gold again becomes 9.9% of the US per capita income, as was on the peak of the bull market of 1980, the price of gold can go up to $ 6,571 an ounce. That is, the new target for the current bull market is about $ 6,600. At the same time, Grid and Fear gave 40% weight to Gold in a Global Pension Fund Portfolio since the third quarter of 2002. It was reduced by 50% in December 2020, when investing in bitcoin for the first time in this portfolio.