Sunday, 26 September 2021 05:59 GMT

UAE- Expert sees gold price crossing 3000 in 3 years


(MENAFN- Khaleej Times)
The price of gold could go up above $3000 per troy ounce in three years a precious metals expert said on Monday.
Speaking at the Dubai Precious Metals Conference Dr. Diego Parrilla co-author of 'The Energy World is Flat' said
"a perfect storm for gold is brewing" as central banks have reached the point of no return.
"Central banks continue to push and test the limits of monetary policy credit markets and fiat currencies which could result in gold prices above $3000/oz within 3 years" said Parrilla.
According to Parrilla the big problem is that monetary policy is contagious and central bankers no longer have any bullets left. Central banks have no room to ease aggressively as they are already stretched.
Parrilla called for strategies that would allow investors to accumulate gold when prices fall as he believes that gold has "few hundred dollars of downside from here but a few thousands of dollars of upside from here."
Addressing the 5th edition of the Dubai Precious Metals Conference (DPMC) which is being held in association with Foretell Business Solutions Gautam Sashittal Chief Executive Officer DMCC said the geographic pattern of world trade flows is shifting as South-South trade continues to grow. "We have already seen the flavour of this in the precious metals industry with the increase in emerging market flows between Africa the Middle East and Asia" he said.
The conference under the theme 'Linking Markets' addressed Dubai's role in stabilising and building value to the precious metals industry. Panel discussions also focussed on how to support India's new policy framework; integrating new and existing producers into the global supply chain through responsible sourcing practices and outlook on prices.
"As global trade accelerates the mechanics of gold trading are evolving substantially with trends clearly moving from OTC onto regulated Exchanges. Our DGCX spot gold contract is a strong example of this bringing further dynamism to the industry" said Sashittal.
The conference drew 450 delegates from over 34 countries including DMCC's Executive Chairman Ahmed Bin Sulayem and keynote speakers Abubakar Bawa Bwari Minister of State Mines & Steel Development Nigeria; and Dr. Diego Parrilla.
A panel dedicated to the topic of 'The Future of Trade' unravelled recent research suggesting that adoption of digital technologies to trade can revolutionise logistics supply chains and distribution channels and add billions of dollars worth of new export-import business to world trade.


Issac John Associate Business Editor of Khaleej Times is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years including 23 years with Khaleej Times. A post-graduate in English and graduate in economics he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends he is respected for his astute understanding of the local business scene.


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