![]() ![]() James Steel, chief precious metals analyst with HSBC, expects gold to be well supported into 2021 on the back of "the perceived need for a 'safe haven' even in the event of economic recovery," according to a Sept. ![]() Polyus' Olimpiada mine in Siberia, which accounts for nearly half of the group's output, was the scene of a coronavirus outbreak over the summer. The analytics provider has a "neutral" view on the precious metal's long-term price prospects as easing geopolitical uncertainty balances rising central bank demand. Fitch Solutions recently estimated that gold will average US$1,850/oz in 20 then fall to US$1,700/oz in 2022, US$1,650/oz in 2023 and US$1,620/oz in 2024 as mined supply rises. Others have been more circumspect about the pricing outlook. dollar weakness arising from the pandemic. The Bank of America and VTB Capital analysts cited persistent negative real interest rates and inflationary pressures as well as U.S. Though macroeconomic conditions appear likely to remain fundamentally supportive for demand in the short term, supply is set to expand more quickly than in previous years.īank of America and VTB Capital outlined expectations in August that the gold price will hit US$3,000/oz in 2022. Most analysts expect the pandemic and its economic fallout to further buoy the precious metal, but price expectations begin to diverge markedly as they look further ahead. Gold was priced at US$1,950.85 per ounce as of Sept. The price of gold has risen 28% since the start of 2020, spurred by the coronavirus pandemic, but it is difficult to predict just how much higher it could go in the coming months and beyond. ![]()
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