On January 6, the United States witnessed the drama unfolding in the Capitol Building as pro-Trump rioters stormed the building. Consequently, gold advanced to $1.957 per ounce.

Later, however, the quotes dropped to $1.913 per ounce. Nevertheless, the Congress affirmed Joe Biden's victory after the end of the attack.

Analysts suggested that gold would hit $2.000 per ounce by the end of 2020. However, gold was below $1,900, causing worry among analysts. At the moment, the price of gold is slowly growing amid geopolitical instability and a decrease in the US dollar index. Today, many investors prefer to take profit at any rate increase.

However, gold may not depend on political factors for a while, as Twitter, Facebook, and Instagram blocked Trump, who added fuel to the fire, from accessing his page.

Analysts believe that rising inflation and problems with the global economic recovery will be the driving force of the gold price. According to the International Monetary Fund, the authorities poured $12 trillion into the global financial markets in 2020 to support the economy hit by the pandemic.

Experts also suggest that the Biden administration will continue to provide generous economic stimulus, automatically increasing inflation. Most likely, this will happen along with the economic recovery in the second half of 2021.

According to the World Bank, the global economy is likely to rise by just 4% in 2021 after a 4.3% plunge last year. This forecast is based on the assumption that an initial COVID-19 vaccine rollout will become widespread throughout the year. However, some countries have reintroduced strict quarantine restrictions due to the rapid spread of the virus. Consequently, gold may reach $2.500 per ounce in the second half of the year amid rising inflation and a slow economic recovery.

On top of that, analysts from Metals Focus believe that silver in 2021 will show the best price dynamics compared to other precious metals. This is due to the fact that silver is an industrial metal. The US Alternative Energy Development Support Program will also contribute to the silver market's growth.

The coronavirus crisis has forced many investors to buy precious metals to protect their savings. As a result of the high demand in the market, a shortage of precious metals grew. By the end of 2020, gold increased by 20%, while silver spiked by 47%.

Analysts also believe that one should not count on a quick global economic recovery. Investors will not risk their capital. Therefore, they will continue to invest in precious metals. Experts believe that the demand for silver this year will exceed, regardless of the economic situation. Silver is used in the production of solar panels and electric vehicles, driving the price of the metal higher.

At the end of 2020, silver ETFs rose by 300 million ounces. The last time such demand was observed many years ago. Clearly, 2020 was a phenomenal year for silver. According to experts, it may climb to $40 in 2021. Today, silver is trading at $26,53 per ounce.