The gold exchange rate has recently recorded the highest values in four months. The first quarter of 2021 was another hot year for investment gold, according to the World Gold Council, with retail sales went up 36 percent y/y, from 250.5 to 339.5 tonnes. The largest market in the world, China, grew by 133 percent. In the US, on the other hand, 77 percent more gold was sold than in the same period last year, and on the Old Continent, sales amounted to 65 tons, which is a result well above the average for the last five years. What will happen next? Some analysts forecast that by 2030 the price of gold could even exceed $8,000. What was happening in Poland? Records were set – Mennica Skarbowa, the largest investment gold dealer in Poland, sold 840 kg of gold in the first three months of this year, compared to 530 kg in the same period last year.
"The last quarter in Poland was record-breaking – we saw the historical turnover in March when the gold exchange rate recorded a correction – this is the specificity of domestic investors who buy gold when its rate leaves a temporary low. It is worth noting that during the first three months of this year we sold as much gold as in the whole of 2019, and 59 percent more than in the corresponding period of last year. The market is very strongly influenced by demand. The price has been rising slightly recently, but in my opinion this year it will again exceed the level of $2,000 per ounce,” Jarosław Żołędowski, President of the Mennica Skarbowa, summed up.