Global analysts at Fitch Ratings have raised their outlook for gold prices over the next three years, reflecting heightened geopolitical risk and the metal’s enduring appeal as a safe haven. The latest projections suggest gold could reach about 1,900 dollars per ounce in 2024, up from an earlier forecast of 1,800 dollars. This adjustment signals a firmer view on price momentum amid ongoing global tensions and economic uncertainty.
Fitch’s updated projections show gold averaging around 1,800 dollars per ounce in 2025, higher than the prior estimate of 1,600 dollars. For 2026, the forecast has nudged up from 1,500 dollars to 1,600 dollars per ounce. The revision across these years points to a sustained demand for gold as a defensive asset within diversified portfolios in North America and beyond.
Analysts with Fitch stated that the revised 2024-2026 outlooks reflect a rising risk premium attached to geopolitical events, which tends to bolster the appeal of gold as a store of value during periods of uncertainty. This sentiment aligns with market behavior where geopolitical stress often increases demand for safe-haven assets.
In related commodity coverage, Fitch also lifted its 2024 spot copper price forecast from 8,300 dollars per ton to 8,400 dollars. At the same time, estimates for nickel and aluminum for the year were adjusted downward to roughly 17,000 dollars and 2,300 dollars per ton, respectively. These shifts illustrate the broader reassessment of base metals amid evolving supply and demand dynamics in major economies.
Last week, gold prices reached a fresh high, marking a notable spike that surprised many market watchers. The move underscored the market’s sensitivity to geopolitical developments and the ongoing search for inflation hedges in a fluctuating macro environment.
Earlier commentary noted a slowdown in Russian purchases of key precious metals over the past decade, a trend that has implications for global supply and market sentiment. The evolving patterns of demand from large buyers continue to influence price trajectories and market expectations for precious metals and related commodities.