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Another bank raises the price of gold and expects it to reach 2300 US dollars next year.
Sep 17,2020 16:12CST
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Source:Gold headlines
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SMM: although the recent uplink has been blocked, the entire gold market has still gained a sharp rise this year, and many institutions are still optimistic.

(CIBC), the Canadian Imperial Commercial Bank, said the rise in gold and silver prices this year was only the beginning of a bull market in precious metals.

In its latest report, the bank raised its forecasts for gold and silver prices, predicting an average gold price of $1925 / oz in the third quarter, $2000 / oz in the fourth quarter, $2300 / oz in 2021, $2200 / oz in 2022, $2100 / oz in 2023 and $2000 / oz in 2024.

"US real interest rates will remain low, the debt burden will increase, and the geopolitical uncertainties that follow the US election will further push gold prices higher."

The bank expects silver to average $25 / oz in the third quarter, $28 / oz in the fourth quarter, $32 / oz in 2021, $31 / oz in 2022, $30 / oz in 2023 and $28 / oz in 2024.

"although silver prices have performed well so far this year, silver may have relatively better upside because the silver market is relatively smaller."

The bank believes that gold investors should continue to pay attention to real interest rates, which will be a key factor driving gold prices in the long run. Central banks are expected to continue to inject liquidity to support financial markets.

"We are in the midst of another round of QE, and there is a lot of uncertainty throughout the market, especially as to how long the global recession will last."

The bank said real interest rates will remain low, fundamentals have retreated to gold and silver gains, and gold and silver prices can rise again if history repeats itself.

In addition, the dollar is expected to continue to weaken, which is also good for gold.

"the epidemic in the United States has not been brought under control, which means that there will be a new round of stimulus, which will put pressure on the dollar. At a time when the United States has a lot of debt, high unemployment and trade uncertainty, the global dominance of the dollar will be challenged. "

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