The recent poor performance of the gold market has led many institutions to adjust their expectations, and Fitch (Fitch) believes that gold prices may even fall to $1200 an ounce by 2023.
Metal prices are likely to rise sharply in the short term, affected by rising demand after the global economic recovery, the agency said in its report.
"the prices of some commodities will be boosted by higher short-term demand while supply and inventories remain depressed."
Iron ore will benefit most in the short term, according to the report, which raised its price forecast to $125 from $90.
Copper prices will also be boosted, with expectations rising to $7200 a tonne from $6000 a tonne.
The bank expects zinc prices to rise to $2500 a tonne this year, but to fall to $2100 a tonne in 2023. Aluminum prices are expected to be $1950 this year, up sharply from the previous estimate of $1650.
However, compared with these industrial metals, the expectations of precious metals are more mediocre.
The agency raised its forecast for gold prices this year to $1600 an ounce from 1400, which, despite the increase, is still well below current prices.
Gold prices are expected to rise from $1200 to $1400 / oz in 2022, but are expected to fall to $1200 / oz in 2023, and long-term gold prices are expected to be only $1200 / oz.
"affected by the boost in investment demand, we have raised our gold price forecasts for this year and next year. But it is expected to be around 1200 in the medium term. "
