The price of gold at the beginning of this year rose from 4,200 rubles per gram to 7,700 rubles per gram in March. But from the maximum since then, it has fallen to 3,800 rubles per gram.
The reason for this, first of all, is the sharp fluctuations in the exchange rate of the ruble against the dollar. The last time gold was so cheap was in the summer of 2020.
“It is worth bearing in mind that if the ruble continues to rise in the coming weeks or even months, this will lead to a further fall in the price of gold in rubles. But we believe that the ruble is already overvalued against the dollar,” analysts say.
In their opinion, a fundamentally sound exchange rate is 80 rubles per dollar. It is unprofitable for both Russian producers and the budget to keep the exchange rate at the current level of about 60 rubles for a long time.
“Therefore, in the coming weeks, it makes sense to start or continue investing in gold for the period until the end of the year,” summed up VTB Capital Investments.
