The gold market enjoyed a robust 2020. After falling to lows of $1,470/oz per ounce in March as risk-off conditions gripped markets the precious metal proceeded to move to a record $2,069/oz in August, lifted by widespread stimulus measures from central banks to help nurse the economy through the coronavirus pandemic. This unprecedented rally lost some steam and the precious metal bottomed around $1,850/oz in December after a series of vaccine breakthroughs fuelled hopes of a sharp economic recovery in 2021. Despite a downward correction from those record levels, the precious metal is still up more than 20% year-to-date.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on December of 2020.
Gold is expected to trade at 1851.22 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1747.62 in 12 months time.