Naguib Sawiris expects gold prices to rise to $5,000

Egyptian billionaire Naguib Sawiris expects gold prices to rise to $5,000 per ounce in the near future, after the precious metal reached new record levels above $3,000, achieving gains of approximately 16% so far this year.

Sawiris indicated in an interview with Sky News Arabia that the yellow metal will remain a safe haven for investors, especially in light of global economic fluctuations.

He explained that the cost of producing an ounce does not exceed $30, which makes investing in gold one of the most profitable and safe investments in the long term.

He also added that international turmoil, including the war in Ukraine and tensions in the Middle East, has prompted many investors to move away from stocks and bonds and turn to gold as a safe haven.