The international rating agency Fitch has revised forecasts for world prices for precious metals and expects after 2022 a decline in the price of gold to $ 1200 per ounce, the agency said in a report.
“We have raised our forecasts for gold prices for 2021 and 2022 due to increased demand…. We believe that in the medium term, prices will decline to a stable level of $ 1,200 per ounce, ”Fitch experts note.
In particular, Fitch raised its forecast for the price of gold in 2021 from $ 1,400 to $ 1,600 per ounce. In 2022, the price is forecast at $ 1,400 instead of the previously expected price of $ 1,200. Starting in 2023, the agency expects to set the price of the precious metal at $ 1,200 per ounce. The average price in 2020 was estimated by Fitch at $ 1,771.
The prices of many commodities, in particular metals, will rise in the short term as a result of the recovery in demand, analysts of the agency say, but the supply on the market will remain volatile, as stocks will be low.
In addition, the agency raised its short-term copper price outlook due to Chinese purchases as well as supply risks in 2021, including the likelihood of strikes in Chile and Peru, the largest copper producing countries. Medium-term prices will be supported by the trend towards alternative energy sources as copper is used in charging infrastructure, cables, electric vehicles, wind generators and transformers.
Among other things, agency experts also raised their short-term forecast prices for iron ore, zinc, coal and nickel.