The price of gold is growing rapidly due to many economic and geopolitical factors. On April 12, the price of gold crossed the $2,400 per troy ounce mark.

Since the beginning of the year, the XAU/USD has risen more than 15%, which is currently almost two and a half times higher than the US stock market (Nasdaq 100 and S&P 500).

Against the backdrop of this historic leap, FreshForex experts expect further growth in the gold price, which could reach the $3,000 per troy ounce mark.

"We believe that gold continues to be a profitable investment, which is confirmed by a number of factors," the analysts said in a statement.

Factors influencing the rise in gold prices:

Geopolitical risk and economic uncertainty. Conflicts in the Middle East and other hotspots around the world are increasing the foreign policy risk premium and supporting interest in gold.

Forecasts from analysts at major financial institutions. Bank of America and Citigroup expect gold to rise to $3,000 per troy ounce in the coming years.

A hedge against inflation. Demand for the precious metal rises in times of declining confidence in risky assets such as currencies, stocks, and bonds.

The broker emphasized that all these factors indicate that confidence in gold remains and that the flow of new investments into the precious metal will continue.

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