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00:00 The International Gold Council has said that China's gold market will remain strong until the end of 2023.
00:08 Despite the rise in the prices of safe metals, the country has witnessed the strongest demand for it for more than two years.
00:15 Let's look at the details.
00:17 Currently, after the International Gold Council has said that China's gold market will remain strong until the end of 2023,
00:26 we are only talking about November and December.
00:30 It has also said that demand for gold coins in China has increased by 16% annually in the third quarter.
00:38 But what are the reasons that led to the increase in demand?
00:42 Undoubtedly, the lack of economic and political certainty, this is not a currency fluctuation,
00:47 was one of the main factors that supported this increase.
00:51 We are talking about geopolitical tensions in the region, specifically in the Middle East, which we are witnessing in the Gaza Strip.
00:59 Undoubtedly, this has affected the prices of gold and the global demand in general.
01:04 Gold prices have risen by more than 9% since the outbreak of the war in Gaza.
01:09 We are talking about October 7, specifically after the Aqsa bombings and the war in Gaza.
01:15 We are witnessing here that between October 7 and October 9, the gold price rose to a level that reached 1986 for the single ounce.
01:24 We are witnessing this rise because investors are worried about any geopolitical tensions.
01:31 And since gold is the safe haven in times of strikes, we are witnessing a greater demand for it.
01:37 What about the prices of global gold?
01:40 Last week, the single ounce price was close to $2,000, which is the first time since May 2023.
01:51 This reminds us of the period of 2020, specifically in August, after the corona pandemic spread.
01:59 Gold has reached record levels.
02:02 We are witnessing this issue, a great demand at this time due to the economic fears of the pandemic.
02:09 Let's also talk about the homes of experience, such as Morgan Stanley.
02:13 In June, a positive article was published, before the geopolitical tensions, about the future of gold.
02:21 Is it the right time to invest in gold?
02:26 Morgan Stanley commented on the issue, saying that the time may be appropriate to add gold to your wallet.
02:34 In 2022, we saw the central banks buy around 1,136 tons of gold, which is the fastest since 1950.
02:47 In 2023, we saw the central banks buy around 228 tons of gold, which is the fastest since 2023.
03:04 We talked about gold in 2023, but what are the expectations of gold in 2024?
03:13 Morgan Stanley, for example, pointed out the decline in interest and the rise in gold prices.
03:18 There is always a negative relationship when the price of gold rises, which is due to the decline in interest and the decline in dollars.
03:27 As for the Bank of America, it is expected that the single ounce price will reach $2,200.
03:34 There were similar expectations by the Nobel Gold, which is expected to reach $2,100.
03:42 As for the Europe Pacific Asset Management, it is expected that the single ounce price will reach $5,000.
03:50 This is a large number compared to the expectations of other expert houses.
03:56 In general, there is no doubt that all the circumstances are currently working for the benefit of gold.
04:01 On the external level, due to geopolitical tensions in the Middle East, and specifically in the Gaza Strip,
04:08 there are concerns from investors about these expectations.
04:13 And since gold is a safe asset, it is the best way to invest in it, in the opinion of most investors.
04:21 As for the interest rate, the decline in interest and the decline in dollars will naturally affect gold, and will also increase the rise in gold prices.