Gold Price Analysis: XAU/USD envisioned at $1784 in 2021 – Reuters poll

Optimism over the covid vaccine-driven economic recovery has prompted market participants to downgrade their gold price forecasts for this and the next year,  according to the latest Reuters poll.  

Key takeaways

“The poll of 42 analysts and traders returned a median forecast for gold of $1,784 an ounce for 2021 and $1,743 for 2022 - sharp downgrades from projections of $1,925 and $1,908 respectively in a similar poll three months ago.” 

“The poll forecast silver would average $25.75 an ounce this year - down from a forecast of $25.86 in the previous survey - and $25 for 2022.” 

“Most respondents said silver would outperform gold this year thanks to robust industrial consumption.”

Related reads

• Gold Price Analysis: XAU/USD eyes $1760 amid firmer yields, bearish technicals ahead of FOMC
• Silver Price Analysis: Turns vulnerable below $26.00 mark