empty
 
 

Forex Analysis & Reviews: BMO Capital Markets lowers price forecast for gold and silver for the next two years
time 29.09.2022 12:02 PM
time Relevance up to, 13.10.2022 09:39 AM

This image is no longer relevant

Gold struggles to maintain a bullish momentum due to rising interest rates. This is why BMO Capital Markets lowered its price forecast for the next two years, saying the metal will fall 6% to $1,649 an ounce in 2023 and be down 4% to $1,615 an ounce in 2024.

This image is no longer relevant

On the bright side, the bank's long-term outlook remains at $1,400 per ounce.

It is, however, is even more pessimistic about silver, remarking that prices will average around $19.9 an ounce in 2023 and around $21.4 an ounce in 2024. The former is down 11% from previous forecasts, while the latter is 3% lower. In the long term, the bank expects silver to be around $20.

This image is no longer relevant

Analysts comment that growing recession fears will continue to weigh on silver over the next two years, but in the long term the picture remains optimistic because growing demand for solar energy will provide long-term support for the metal. For gold, even though the outlook is lower, there is no complete decrease in price, and the rising economic uncertainty provides some support.

With regards to other commodity assets, analysts are negative, especially on tin, saying that it will fall by 29% to $10.21 a pound next year. They are optimistic about uranium though, raising the forecast by 9% to $52 a pound next year.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2023
Silver
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Turkey halted oil exports after major earthquake

Oil rebounded from lows as flows to a key Turkish terminal were suspended and part of a major European field was shut down. The US crude oil benchmark known

Andrey Shevchenko 22:56 2023-02-06 UTC+2

What conclusions can we draw after three meetings?

As a result, meetings of the three central banks took place last week. As analysts and economists have been formulating theories regarding interest rates and the rhetoric of central bank

Chin Zhao 18:25 2023-02-06 UTC+2

AUD/USD: Australian dollar awaits RBA verdict

During Tuesday's Asian trading session, the Reserve Bank of Australia will summarize the results of its first meeting of the year. This is by no means a passing event, although

Irina Manzenko 17:38 2023-02-06 UTC+2

AUD/USD: ahead of the RBA meeting

After rebounding last Thursday from a local 10-month low of 100.68, the dollar index (DXY) rose sharply on Friday. The U.S. labor statistics published on Friday contributed to the strengthening

Jurij Tolin 17:26 2023-02-06 UTC+2

Three reasons for euro's weakness

Who is to blame for a collapse in the EUR/USD pair? Christine Lagarde with her confusing comments? Surprisingly strong data on the US labor market for January? Or the Chinese

Marek Petkovich 14:53 2023-02-06 UTC+2

What does lower inflation mean for the dollar?

On August 25, 2022, participants from 34 countries gathered in Jackson Hole, Wyoming for the annual economic policy symposium hosted annually by the Federal Reserve Bank of Kansas City

Irina Yanina 11:45 2023-02-06 UTC+2

Wall Street has mixed views on gold

Investors waiting for an opportunity to enter the gold market found their chance on Friday, when the US released an unexpectedly strong employment report for January. The data said 517,000

Irina Yanina 10:23 2023-02-06 UTC+2

Pound: An ugly duckling in Forex

Numerous dovish signals from the Bank of England and a surprisingly strong U.S. jobs report for January dropped GBPUSD to a region of monthly lows. There is nothing worse

Marek Petkovich 09:41 2023-02-06 UTC+2

Markets halt rally due to strong US labor market data

Global markets were shocked once again as Friday's employment data in the US came markedly better than expected. The report said there is an increase of about 517,000 new jobs

Pati Gani 09:32 2023-02-06 UTC+2

GBP/USD. Overview for February 6, 2023

On Friday, the GBP/USD currency pair fell by around 200 points. As we've already mentioned, positive macroeconomic indicators from overseas led to the decline of the pound (or, rather

Paolo Greco 06:49 2023-02-06 UTC+2
Can't speak right now?
Ask your question in the chat.