Gold prices are currently reaching record highs around the world. In India, the price recently crossed ₹1 lakh per 10 grams.
However, Vitaly Nesis, CEO of Solidcore Resources plc—a major gold mining company in Kazakhstan—has made a surprising prediction.
He believes gold prices will drop significantly within the next 12 months.
What Did Nesis Say About Gold Prices?
In an interview with Reuters, Vitaly Nesis said, “I expect gold prices to fall to $2,500 per ounce over the next year.”
Right now, gold is priced at $3,319 per ounce in global markets. This means, according to Nesis, gold could become about 25% cheaper.
He believes the current high gold prices are an overreaction to global events like the trade war and other geopolitical issues.
In his view, the price increase is not fully justified. However, he also mentioned that prices won’t fall back to earlier levels of $1,800–$1,900 per ounce.
In simple terms, gold will still hold value, but not as much as it does today.
What Does Solidcore Resources Do?
Solidcore Resources plc, formerly known as Polymetal, is a major gold mining company based in Kazakhstan.
It is listed on the Astana International Exchange and operates two active gold mines along with several new development projects.
Why Is Nesis’ Prediction Important?
Solidcore is Kazakhstan’s second-largest gold producer, and Nesis has decades of experience in the industry.
His views carry weight in the market. His warning that current gold prices may not be sustainable could be a crucial signal for investors.
Why Has Gold Gone Up This Year?
Gold is traditionally seen as a safe investment during uncertain times.
In 2025, gold prices have gone up by around 26%, mainly because of fears of a recession caused by rising U.S. tariffs.
However, global conditions are now starting to improve.
Is Gold Already Starting to Fall?
In the past three trading sessions, gold prices have dropped sharply. On April 25, gold on the Multi Commodity Exchange (MCX) fell by ₹4,300 to ₹95,073 per 10 grams.
If Nesis is right and gold falls 25% over the next year, the price in India could drop to about ₹71,305 per 10 grams.
Globally, gold is also facing pressure. The US-China trade war appears to be cooling down, and the US dollar is getting stronger.
A strong dollar usually lowers gold prices, which supports Nesis’ prediction.
Should You Invest in Gold Now?
Nesis’ comments suggest that the current surge in gold prices may not last.
If relations between the US and China improve and the global economy becomes more stable, the demand for gold could decrease.
So, investors should be cautious and avoid buying at high prices without careful thought.
Nitin Kedia, founder of Kedia Fincorp, also believes that the current gold rally may not continue. He says that if trade tensions ease, gold prices are likely to fall further.
