Gold prices demonstrate record growth in nine years

Gold prices have risen by 15% this year, a record high in the past nine years.

Report informs citing SCMP that gold prices  were at $1,480 an ounce earlier this week, up 15.4% from the previous year. In 2010, gold prices rose by 30%.

"The increase is mostly associated with uncertainty about Brexit and a decline in global interest rates due to the US-China trade war," said Stephen Innes, APAC Market Strategist, AxiTrader.

According to him, political disorders and worries about possible global recession are what make some investors buy gold.

Some experts believe the gold prices will keep on growing next year. An expert from Hong Kong, Casper Lo, said gold prices would climb 15-20% to $1,774: "Protests in Hong Kong are not about to slow down, and investors will accept it as a factor of instability."

Founder of Hong Kong-based J.Rotbart Joshua Rotbart believes that gold prices will make $1,580-1,620 an ounce at the end of the next year.

In late 2011, the gold price hit the record $1,895.