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Fitch updates its gold price assumptions
According to analysts at Fitch Ratings, gold prices are expected to rise. It is currently conquering the markets, surprising both investors and analysts.
Fitch experts have improved their gold price forecasts for 2024–2027, citing geopolitical tensions. Additionally, this year they also expect copper to become more expensive.
Fitch predicts that in 2024 gold will reach $2,100 per ounce, up from the previously anticipated $2,000. They also revised their forecasts for 2025 to $2,000 up from $1,900, for 2026 to $1,800 from $1,700, and for 2027 to $1,700 from $1,600. Analysts explain these adjustments by pointing to gold's status as a safe asset amid geopolitical risks.
Regarding copper prices in 2024, forecasts have been raised to $8,800 per ton from $8,600 predicted in June. However, in September, copper spot prices dipped slightly due to concerns over the global economy, including China’s economic outlook. For 2025, the copper price forecast remains at $8,400 per ton, and for 2026–2027, it is steady at $7,500 per ton.
Moreover, Fitch has improved its spot price forecast for zinc in 2025, raising it to $2,600 per ton from $2,500. For 2026, the price was revised to $2,500 from $2,300, and for 2027, it stays at $2,500. This optimism is based on a potential rise in zinc demand and a decrease in its supply. For this year, the price remains at $2,700 per ton.
Fitch Ratings has lowered its forecasts for platinum and palladium for 2024 to $1,000 per ounce, down from June’s $1,005. Outlook for 2025–2027 remained unchanged at $1,005 per ounce for both metals.
Published 17 September 2024
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