Here’s GFMS’ latest outlook on gold from the new update for their 2017 Gold Survey incorporating 2017 Q3 results:
Gold prices started 2018 on an upbeat note, benefiting from a sinking dollar on softer economic data and concerns that the United States may pull out of NAFTA.
We believe that the geopolitical climate and equity markets will continue to support gold’s role as a risk hedge.
In the physical markets, Indian demand is set to remain at levels similar to 2017, while Chinese
investment demand will likely to pick up if we see gold’s price momentum going forward. We expect gold prices to average $1,360/oz and hit a 2018 peak of over $1,500/oz later in the year.
Our forecast discounts three Fed rate hikes, although a potential overheating from the effect of the new tax reform could lead to more aggressive tightening, limiting gold’s upside.
The full GFMS survey may be downloaded free of charge to corporate email addresses at the following link: