Global – Prices for gold may be as high as US$ 1510 or as low as US$ 1120 this year, so reports the London Bullion Market Association. ‘And it’s a similar story for the other metals, it points out in the latest Precious Metals Forecast Survey. Based on ‘strongly divergent views’ of market analysts, it is believed that 2018 will be ‘far from an average year’.
Average gold prices range from US$ 1215 to US$ 1381, but the overall mean is expected to be broadly in line with the price in the first half of January.
Analysts anticipate a bullish outlook for platinum prices in 2018, up 3.1% to an average price of US$ 1000. Average price forecasts range from US$ 862 at the bottom end to US$ 1140 at the top, with the overall average more or less in the middle.
Palladium was the top performing metal in last year; there was nearly a 17% increase in price, but analysts do not foresee a similar outcome in 2018. Indeed, it is argued that palladium will be the worst performing metal this year; ending up 1.5% lower at an average price of US$ 1080.
On the bright side, silver is expected to be the best performing of the four metals. The most bullish forecast is for an average price of US$ 20 and the most bearish is US$ 16.
Overall, silver is likely to end up ‘between the two extremes’ at US$ 17.81, representing a 4% increase on the average price in the first half of January.
Considering the trading range for palladium of US$ 750, US$ 518 for platinum, US$ 390 for gold and US$ 9 for silver, it could be an interesting if not a dramatic year for precious metals, the association observes.
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