I expect gold to rise globally to $3,000, and I will not increase my investment in it

02:28 PM

Thursday, March 14, 2024

Engineer Naguib Sawiris

Books – Ahmed Wali:

Businessman Naguib Sawiris expected the price of an ounce of gold to rise between $2,500 and $3,000 by 2025, as a result of three different reasons, but he preferred not to increase his investments in the yellow metal.

He explained during an exclusive interview with Al Arabiya Business that there is more than one factor influencing the rise in gold prices in the recent period, including political unrest and wars, whether in Ukraine or Gaza, especially the Houthi attacks, which caused the cessation of shipping operations through the Red Sea and the Suez Canal, where the rise Gold in times of stress and crises.

Sawiris added that despite the US Federal Reserve’s calmness in reducing interest rates, all expectations are in the direction of falling interest rates, which will push gold higher.

He explained that although the current rise in gold does not cause the interest rate to be reduced, it will continue to rise with the interest rate reduction during 2024 and 2025.

Sawiris added that the third factor in the rise in gold is the central banks’ increase in gold reserves amid crises, in exchange for the decline in production globally, due to the decrease in the number of discovered mines, in addition to the long period that the mine needs from the exploration stage to production, which ranges between 6 and 7 years, which will lead to… To an expected shortage in production in the coming years as demand increases.

Although he expected gold to rise, Sawiris said that he would not increase his investments in it. “I invest a very high percentage of my wealth in gold, and I do not want to increase it.”

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