According to the Quadriga Investors Igneo fund, based on the future tightening of the Central Bank's monetary policy after the massive printing of money, gold can rise to $3,000-$5,000 per ounce over the next three to five years.

This forecast comes from the fund manager Diego Parrilla, who successfully predicted a record increase in gold to $2,075.47 last year.

In a situation of massive money printing, gold benefits from being a physical asset that cannot be printed.

Parrilla noted that ultra-soft monetary policy has created many problems for the world, including huge asset bubbles. And central banks will have a hard job when it comes to raising rates.

Accordingly, the factors that contribute to the strengthening of gold have even intensified.

Since it hit new all-time highs almost a year ago, gold has consolidated and is trying to get back to the $1,900 mark.

The $250 million Quadriga Igneo fund suffered some losses, down 22% in the first half.

Gold market interest appears to be slowing as hedge funds cut their long positions. However, according to some analysts, the continued threat of inflation and growing economic uncertainty are helping to support gold prices.

The CFTC's disaggregated Commitment of Traders report showed that financial managers reduced their speculative long positions on Comex in gold futures by 3,528 contracts, to 131,635 contracts. At the same time, short positions fell by 3,330 contracts to 41,405 contracts.

Gold's net length is now at 90,230 contracts, which is relatively unchanged from the previous week.

Despite the bullish sentiment still prevailing in the market, some analysts say that the precious metal looks a little depleted.

Commodity analysts at Commerzbank said the unchanged net positioning of gold shows that some investors still retain some loyalty in the gold market.