Why the price of gold could jump by up to 20% in next 12 months

Why the price of gold could jump by up to 20% in next 12 months

The price of gold could go up by as much as 20 percent over the next 12 months, according to Gerald Moser, chief market strategist at Barclays Bank.

However, while that will resonate well with investors, Moser warned the retail sector will take some time to recover from the economic impact of the global coronavirus pandemic.

Gold's appeal as a safe-haven is underpinned by strong investment demand.

“I wouldn't be surprised if, over the next 12 months, you see the gold price going up by another ten to 20 percent,” he told Arabian Business.

According to the World Gold Council, gold jewellery demand in the UAE slumped 86 percent in the second quarter of the year to just 1.3 tonnes, compared to 9.3 tonnes in the same period last year, largely as a result