Direct Bullion Foresees Gold Price Hitting Fresh Records in 2021

SEATTLE (Scrap Monster): The UK-based precious metals dealer Direct Bullion stated that gold prices are likely to break new records in 2021. The ongoing economic uncertainty will drive demand for the commodity in the upcoming year.

According to projections provided by the Direct Bullion research, gold prices have the potential to rise by up to 40%, thereby hitting levels of around $2,800 per Oz within the initial six to seven months of 2021. Commenting on the projections, Paul Withers, CEO of Direct Bullion said that the forthcoming year looks to be exciting for the entire precious metals market, especially gold, silver and platinum. There has not been a better time to invest in physical gold, he added.

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The pivotal role played by platinum in the global shift towards sustainable fuels is likely to trigger the demand for platinum. Recently, automotive manufacturer Hyundai had announced that it aims to raise the usage of platinum to approximately 70,000 ounces per year in its fuel cell stacks by 2030.

Several other agencies too had predicted high gold prices in 20221. This includes Metal Focus, who believes that gold prices would remain above $2,000 per Oz during the next year. Goldman Sachs had recently raised its 12-month gold price forecast to $2,300 per Oz.

The second wave of Covid-19 may lead to further economic uncertainties, which in turn may lift the safe-haven demand for gold.