Gold and Silver Prices May Rise Again in August: Experts Weigh In
Gold and silver prices have been trending downward since reaching their peaks in January. Despite this decline, experts believe that gold and silver prices could rise again in August if certain conditions are met.
Thomas Winmill, president and portfolio manager at Midas Funds, which invests in gold and silver mining companies, predicts that the gold price will likely resume its long-term upward trend to over $5,000 per ounce if the conflict in Iran diminishes in August. This is because a decrease in oil prices would lead to lower inflation and a drop in U.S. interest rates and the dollar.
James Anderson, senior precious metals analyst at SD Bullion, anticipates a price rebound later this year, but not in August. He expects the spot gold price to remain between $3,900 and $4,350 per ounce based on technical factors and pre-U.S. Labor Day positioning.