Gold to drop below $1,650 in next two years – Westpac

In the view of Westpac’s Senior Economist Justin Smirk, gold prices have peaked alongside risk aversion and are seen lower over the next two years.

Key quotes (via Kitco News)

“Gold to average below $1,760 an ounce by the end of next year and then drop all the way to $1,633 at the end of 2022.”

“The situation will turn around only by mid-2023, when the precious metal will begin to climb and rise to $1,848 by September 2024, according to the long-term forecast.”

“This outlook comes as gold has been on a losing streak amid better economic data and more risk-on sentiment in the marketplace in light of positive COVID-19 vaccine news.”