Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here! (Kitco News) – The gold market has struggled to attract any consistent bullish momentum, falling under the weight of rising interest rates, which is forcing one Canadian bank to downgrade its forecast for gold and silver .
In its latest commodities update, analysts at BMO Capital Markets said that they are lowering their 2023 gold price forecast by 6% to average the year around $1,649 an ounce. Prices are expected to continue to struggle through 2024, with an average price forecast of $1,615 an ounce, down 4% from the previous estimate.
The bank’s long-term gold price remains unchanged at around $1,400 an ounce.
BMO is even more bearish on silver as the analysts see prices averaging around $19.9 an ounce […]
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