Mark Bristow, chief executive of gold miner Barrick Gold, said in an interview in Riyadh, Saudi Arabia. “I don’t think the downside risks are too great.” The world’s second-largest gold miner believes gold prices will remain firm this year as investors use the metal rather than cryptocurrencies to hedge against inflation and demand for jewellery picks up.
The most likely scenario is for gold to trade between $1,750 an ounce and just over $1,800 an ounce, he said. Spot gold is now up 0.4% at $1,809, bringing this year’s decline to 1.1%.