(Bloomberg) — Gold prices are expected to rise to record highs over the next 12 months, according to a survey of the bullion industry at its major annual meeting.
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Participants at the London Bullion Market Association event in Miami expect prices to rise to $2,917.40 an ounce by late October next year, about 10% above current levels. The numbers are based on an average of forecasts from traders, refiners and miners surveyed by the LBMA over two days at the conference.
Gold has been one of the best-performing commodities in 2024, setting record after record thanks to its appeal as a haven, its role as a diversifier to protect wealth, and central bank buying. Its most recent high was last month, when it hit more than $2,685, helped by the Federal Reserve's move to cut interest rates. Low-yielding gold tends to perform better in a low interest rate environment.
As of 9:14 a.m. Wednesday, spot gold was little changed at $2,663.13 an ounce. Platinum rose, silver was flat, and palladium fell slightly.
Research suggests silver will rise more than 40% next year, reaching $45 an ounce.
–With assistance from Martin Ritchie.
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