The price of gold has surged to levels not seen since September 2011 due to investors running to safe haven assets amid global uncertainty. It has passed the $2,000 mark for the first time and could grow further, analysts say.

“It’s quite easy to see gold going to $4,000,” Frank Holmes, CEO at investment firm US Global Investors, told CNBC.

He pointed to the trillions of dollars needed in stimulus to tide the US economy over during the Covid-19 pandemic, and added that G-20 finance ministers and central banks are “working together like a cartel and they’re all printing trillions of dollars.”

Holmes said, “We’ve not seen this level where central banks are printing money at zero interest rate. At zero interest rates, gold becomes a very, very attractive asset class.”

Chief investment strategist at BMO Wealth Management Yung-yu Ma agreed that there are many factors supporting gold, but pointed to two big events that could change the direction of prices.

“We’re just cautious extrapolating these current factors… especially when we know there are two big events on the horizon that could change that trajectory. One is of course the vaccine development, and the other is the elections,” he said, adding: “We think… especially the vaccine has potential to shift some of those positive factors that are working right now in the favor of gold.”

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The analysts noted that depending on how the US election goes, gold prices could react accordingly. After Donald Trump’s win in the 2016 presidential elections, gold prices surged nearly five percent.

According to New York-based research provider Third Bridge Group, bullion prices could fall to below the $1,600 mark after the election, before rallying again next year. Meanwhile, financial data provider Refinitiv pointed to US political developments that could disrupt financial markets and support the gold rally.

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