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Gold prices could increase by around 30% next year, says strategist

By Ramla Soni

Gold prices could increase by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy, CNBC reports.

The price of spot gold currently stands at around $1,500 per ounce.

Mr Roche told CNBC’s “Squawk Box” on Thursday that gold is a “good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits”.

As a result, gold prices will likely touch $1,600 before the end of this year, before moving higher to $2,000 next year, he said.

Mr Roche’s comments come amid policy moves at major central banks in the past month.

The U.S. Federal Reserve slashed its benchmark overnight lending rate to a target range of 1.75% to 2% in September.

The European Central Bank also cut its main deposit rate to a record low of -0.5% and launched a large new bond-buying program in the same month.

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