CIBC Foresees Average Gold Prices at $1,800 Per Oz in 2020

SEATTLE (Scrap Monster): The Canadian Imperial Bank of Commerce (CIBC) released gold price forecasts for five years including 2020.

According to them, gold prices are likely to average $1,925 per Oz in the third quarter and $2,000 per Oz in the last quarter of the year. The full year gold prices are likely to average at $1,800 per Oz in 2020. The bank has raised its forecasts for the yellow metal to $2,300 per oz. in 2021, $2,200 per oz. in 2022, $2,100 per oz. in 2023 and $2,000 per oz. in 2024.

Also, silver prices for the full year 2020 is likely to average at $21.50 per ounce, with prices likely to average at $25 per ounce and $28 per ounce in the third and fourth quarters of the current year respectively. The prices are predicted to surge to $32 per oz in 2021 and fall continuously to $31 per oz. in 2022, $30 per oz. in 2023, and $28 per oz. in 2024, the report said.

Furthermore, the long-term price forecast for gold and silver has been revised to $1,650 per oz. and $20 per oz, CIBC said.

The concerns over global macro uncertainties, coupled with increased investor demand for currency diversification are likely to remain as the key drivers for demand of gold and silver over the coming years. The anticipated low real interest rates and increasing government debt burdens are other factors which may contribute to higher prices of the metal.

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