Potential increase in the gold price.

With gold prices on a worrying decline (US$1,665.70 / ounce as of today), many have been speculating about investing in this mineral. However, gold enthusiasts are forecasting an unprecedented recovery from the mineral.

According to the average estimate in a survey of 10 participants at the Denver Gold Forum, bullion prices will reach US$1,806.10 an ounce by year-end. The Denver Gold Forum is the yearly meetup of mining executives, investors, bankers, and analysts. The World Gold Council's Joseph Cavatoni says "You'll continue to see investment globally interested in owning gold strategically." Joseph Cavatoni still expects a bumpy ride between now and the end of the year, with gold fluctuating until central banks around the world give more clarity on their fight against inflation.

Russia's ongoing war in Ukraine presents a good case to own gold amid geopolitical risks. Europe's ongoing energy crisis and China's zero Covid policy also point to a global economic slowdown, which may prompt investors to hold onto gold as a hedge against such uncertainty. Yamana Gold executive chair Peter Marrone says "Gold is a defensive asset during a time when there is macroeconomic and geopolitical uncertainty."

Such expectations might prove positive for gold prices in the coming weeks but it has now become the waiting game to see whether it will experience a bull run or a continued bear decline.