D.he significant decline in the gold price is now also reflected in the forecasts of first commodity analysts. As the Commerzbank announced on Friday, it has lowered its gold price forecast for the current year.
So far, the bank had expected $ 2,000 a troy ounce (31.1 grams) at the end of the year, but has now reduced this value to $ 1,850. The higher value could only be achieved next year.
The Deutsche Bank had last given as a forecast for the next twelve months $ 2100, but at the same time spread the motto “gold no longer shines” in its annual outlook. The American investment bank Goldman Sachs, on the other hand, recently reiterated its optimistic forecast of $ 2,300 for the coming year.
On Friday afternoon, the gold price was preparing to make its third consecutive week loss. Gold was just a little over $ 1,800. In mid-November the price had stood at a good 1950 dollars, in August at times even at 2069 dollars – the highest level in its history.
Gold saw the biggest drop in any day of late on Monday two weeks ago; in this lightning crash, the price dropped $ 100 within a few hours. Analysts cite two reasons why gold has recently performed poorly.
One is hopes for a vaccine that could end the corona crisis. The other is the outcome of the American election. The feared “hanging game” has failed to materialize, as has a “blue wave” with an even more expansive fiscal policy. At the same time, the demand for physical gold from emerging markets has recently been conspicuously low.