(Bloomberg) -- Gold is expected to climb to record highs over the next year, according to a survey of the bullion industry at a major annual gathering.
Delegates at the London Bullion Market Association event in Miami expect the precious metal to rise to $2,917.40 an ounce by late October next year, about 10% above current levels. The number is based on an average of forecasts from traders, refiners and miners, who were surveyed over two days by the LBMA at the conference.
Gold is one of the strongest performing commodities in 2024, setting successive records thanks to its appeal as a safe haven, role as a diversification play to safeguard wealth, and central-bank buying. Its latest peak was set above $2,685 last month, bolstered by the Federal Reserve’s shift to rate cuts. Non-yielding gold tends to perform better in a lower-rate environment.
Investors are increasingly turning attention to the US presidential election in just a few weeks. In an interview, Republican candidate Donald Trump defended plans for a dramatic increase in tariffs, vowed more direct consultation with the Fed, and dismissed concerns over the federal deficit.
Spot gold was up 0.5% at $2,674.79 an ounce at 8:41 a.m. London time on Wednesday. Silver, palladium and platinum all rose
Silver will gain more than 40% in the coming year to reach $45 an ounce, according to the survey.
--With assistance from Martin Ritchie and Atul Prakash.
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