Khaberni - Egyptian businessman and billionaire Naguib Sawiris expects gold prices to continue their ascent, set to rise to between $5,000 and $6,000 per ounce by the end of next year, driven by strong demand and ongoing geopolitical tensions on the global stage.
He added, saying: "The general trend for gold remains bullish despite any temporary setbacks, a pattern proven by the movement of the yellow metal over the past few years," according to his talk with "Asharq Bloomberg".
He attributed his positive predictions to several factors, foremost among them the limited supply, explaining that it takes on average about seven years to develop gold mines before production can start, which restricts the supply’s ability to keep up with increasing demand in the global markets.
He also pointed out that escalating geopolitical tensions enhance the appeal of gold as a safe haven, warning of the risks of the world sliding into a third world war, and cited in this context the rise in defense spending in Europe, alongside ongoing unrest in Ukraine and Sudan.
