The Strategist

Fitch raises gold price forecast for 2023

09/15/2023 - 06:43

Fitch raised its forecast for the price of gold to $1900 per troy ounce in 2023.

According to a survey by the international rating agency Fitch Ratings, the price of gold will increase this year, while forecasts for the price of aluminum and zinc will decline and those for copper and nickel will remain the same.

Fitch predicts that one troy ounce of gold will cost $ 1,900 in 2023 as opposed to the $ 1,800 anticipated in June. Additionally, the projection for the next year was increased from $1,600 to $1,800. Expectations for the precious metal's 2025 price were maintained at the June level of $1,600 per troy ounce.

"We have increased our gold price projections for the years 2023 and 2024... in light of the rise in prices for the current year and the metal prices' resiliency in the face of choppy investment markets and rising discount rates. The adjustments also take into account some reallocations from exchange-traded funds and increasing central bank purchases," the agency notes.