Vitaly Nesis, the CEO of Solidcore Resources, a gold mining company in Kazakhstan, believes that gold prices will fall significantly over the next year. Recently, the price of gold dipped after the U.S. dollar went up and tensions between the U.S. and China eased. Nesis thinks gold could drop to $2,500 in the next 12 months, and he doesn’t believe it will return to the previous range of $1,800-$1,900 per ounce.
He expressed that the current high prices are an over-reaction to global events and mentioned that despite the expected drop, prices will still be higher than their base level. So far in 2023, gold has increased by nearly 26% due to fears of an economic recession arising from U.S. tariffs. Just this week, the price of gold hit a record high of $3,500.05.
In positive news, China is considering reducing tariffs on some U.S. products, giving hope for trade relations between the two countries. Additionally, U.S. President Donald Trump mentioned that direct talks to ease the ongoing tariff battle are already happening.
As for the U.S. dollar, it has risen and is about to see its first weekly gain since March.
Gold Prices Expected to Fall: Insights from Solidcore’s CEO
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