Analysts at the French bank Societe Generale predict a further increase in the price of gold, and in the first half of next 2021, the value of an ounce of yellow precious metal will set a new historical record.

The bank survey says that low interest rates combined with the weak US dollar will act as a driver for the rising price of gold in the first two quarters of next year 2021. However, the situation in the global economy could stabilize in the second half of the year, which would put the value of the precious metal under pressure.

According to the bank's forecast, gold's record value in 2021 will be $2,340 per ounce in the first quarter. At the same time, the average price for the precious metal at the end of the year is forecast to be $2,050 per ounce.

“Negative real interest rates, increasing number of assets with negative yields, rising US debt, a stronger yuan and possible capital inflows to developing countries will put pressure on the US dollar, which in turn will be a supporting factor for the gold market,” it said French bank survey.