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Veteran investor Mark Mobius says that gold’s set to push higher, potentially topping $1,500 an ounce, as interest rates head lower, central banks extend purchases, and uncertainty surrounding geopolitics and cryptocurrencies fans demand.

“I love gold,” Mobius, who set up Mobius Capital Partners LLP last year after three decades at Franklin Templeton Investments, said in an interview in Singapore, adding bullion should always form part of a portfolio, with a holding of at least 10%. “As these interest rates come down, where do you go?”

Gold has rallied in 2019, rising to the highest level in six years, as investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering trade frictions. The upswing has been given added momentum as central banks, including authorities in Russia and China, step up purchases. A revival in cryptocurrencies may lead to spillover demand from investors for the older haven, according to Mobius.

“Interest rates are going so low, particularly now in Europe,” he said. “What’s the sense of holding euro when you get a negative rate? You might as well put it into gold, because gold is a much better currency.”

Spot gold — which hit $1,439.21 an ounce on June 25, the highest since 2013 — traded at $1,413.50 on Thursday. It’s up 10% this year after the Federal Reserve signaled a willingness to cut rates and other central banks considered fresh stimulus. It last topped $1,500 in April 2013.

Mobius isn’t the only high-profile gold fan as prices climb. Billionaire trader Paul Tudor Jones has listed the metal as his favorite pick over the next 12-to-24 months, saying that prices could move to $1,700 once they breach $1,400. BlackRock Inc. said last month it expects bullion to end the year higher.

(By Ranjeetha Pakiam)