The financier predicted a rise in gold prices amid a reduction in the key rate
Analysts' forecasts for the cost of gold are rising by the end of the year and are at the level of $3.7 thousand — $3.9 thousand per ounce, and by the beginning of 2026 they may reach $4 thousand. At the same time, in rubles, under favorable conditions, it is possible to increase the price to 12 thousand rubles per gram. The company's CEO told Izvestia about this on September 15. Moneymatika.ru Maxim Molderf.
"Lowering the key interest rate leads to an increase in the attractiveness of gold. Lower interest rates will make deposits less profitable, and some of the capital will inevitably transfer to gold. This will increase demand and become an additional factor in price growth," the expert said.
According to him, China continues to actively purchase gold as part of a de-dollarization strategy and controls about 40% of the world's open interest, while India may increase purchases due to the huge private reserves of the population.
Molderf added that the traditional inverse correlation between gold prices and bond yields has ceased to operate since 2022 due to large-scale purchases of precious metals by central banks amid geopolitical risks. According to him, at a rate of 90-95 rubles per dollar, gold can bring investors additional returns of up to 20%, and global demand from central banks, which purchased 1,136 tons in 2024, creates reliable support for prices for the precious metal.
On September 12, the Central Bank of the Russian Federation lowered its key rate to 17% per annum. According to the regulator's forecast, in 2025, taking into account the current monetary policy, annual inflation will decrease to 6.0-7.0%, and in 2026 it will return to the target level of 4.0%. In the future, inflation is expected to remain at the target level.
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