Select Page

The Australian bank Westpac has upgraded its forecast for gold for the next three years, with a rise of almost $140 expected by the end of the year due to the continuing global impact of coronavirus.

The bank’s senior economist, Justin Smirk says that the status of gold has only elevated during the crisis, explaining “As February ended the focus for the COVID-19 outbreak shifted from China to the rest of the world. In particular, markets shifted attention to the rapidly expanding outbreak in Italy and the early stages of an outbreak forming in the U.S., and the disruptions this would bring to the European and U.S. economies. Oil is the key commodity at risk as industrialized economies bunker down while base metals, iron ore & coal remain supported by supply factors and a better demand outlook. Gold stands out in a high-risk environment and we have lifted the year-end target to $1,600/oz from $1,461/oz.”

The revisions to the gold forecast mean that Westpac now expects to see gold trading at $1,687 from as early as next month, with prices then set to stay above $1600 in 2021 to reach $1700 by the end of 2022.

Disclosure
This website is published by The Gold Safe Ltd, a Company registered in England and Wales with Company number: 11994725 a subsidiary of the United Kingdom Asset Company Ltd, a Company registered in England and Wales with Company number: 09784057 and is intended for information and promotional purposes only. The information provided in our free guide is not intended as an offer to invest and should not be construed as financial advice.

Fees: There are no fees for using this website or service.

Contact us: Tel: 0203 695 3400
Web: www.thegoldsafe.co.uk
Email: admin@thegoldsafe.co.uk

Address: 71-75 Shelton Street, Covent Garden, London WC2H 9JQ

All rights reserved copyright 2020 The Gold Safe Ltd

Follow us on:

    Wait! Before You Leave Download The 'Ultimate Guide to Gold Investing'
    FREE of Charge