Gold Price Forecast

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Although we'd love to be able to, unfortunately we can't read the future. To compensate, we've put together the opinions of industry experts and journalists alike to give you their gold price predictions for the coming year...

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2024 Gold Price Forecast:

The 2024 gold price forecast is not too dissimilar to that of 2023 but comes at a time where the global economy appears to be heading towards a new downturn. The struggles of businesses and banks reflects the cost-of-living crisis endured by many around the world, as high inflation and rising interest rates continues to dominate the current economic landscape. Unsurprisingly then, there is plenty of opportunity for the gold price to move in 2024, though forecasts vary on the direction and severity of these moves. Below we discuss the main factors that are driving any gold price movements, and recommend checking our standalone gold price forecast 2024 page for full detail.

The gold price in 2024 will largely be driven by the same factors as those of 2023, though the global economy finds itself in a very different place going into next year. Inflation and interest rates, the strength of the dollar, and geopolitical concerns remain at the top of the list of issues for investors to monitor. Each one has the potential to move the gold price in 2024, and the combination of said issues could have a profound effect up or down.

US interest rates are expected to peak in 2023, and how the Fed acts in 2024 will be a key driver for the gold price in 2024. If rates should need to rise any higher than expected this could see further headwinds for gold and push the price down. If rates peak, but hold at high levels for much of 2024, then this would maintain the current gold price. If the Fed are forced to start cutting rates then this would push the dollar down and gold up.

As discussed above, a key driver on US interest rates, and therefore gold prices, will be the potential for recessions and other forms of economic downturn. There is currently some market expectations for a mild recession in the US and UK in 2024, but it is unclear how severe this could be. The worse any economic volatility is, the more investors will turn to a safe haven, highly liquid asset like gold. This would then combine with the Fed having to stimulate the economy with lower interest rates and could easily push gold to new all-time highs.

Russia, China, and a potential BRICS gold-backed currency, are just some of the larger geopolitical events that could have a profound impact on the gold price in 2024, but remain highly uncertain at this point of 2023.

With Turkey excluded, central bank buying remains positive in 2023, and if this trend continues in 2024 it will also help to support gold prices in 2024.

Forecasts for gold in 2024, suggest similar prices to 2023, though some analysts believe gold will strengthen, and set a new all-time high. Across our seven gold price predictions, we have an average predicted gold price of $2,155.14 per ounce, which would be a new all-time high. View our list of 2024 gold price predictions.

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2023 Gold Price Forecast:

The gold price forecast for 2023 has multiple driving factors to consider, and below we will discuss these in more detail. We will of course update this forecast should any significant event result in any major revisions to the forecasts for 2023, and we recommend checking out our full 2023 gold price forecast page for a more in-depth look at each issue.

The gold price in 2023 will have a few large drivers for investors to watch for; the strength of the US dollar, inflation and interest rates, and geopolitical concerns. How these events continue to evolve and combine in 2023 will have an impact on the gold price.

The strength of the US dollar and its impact on other currencies has been a major driver for gold already in 2022 and this will continue in 2023 as well. If the dollar weakens due to a slowing economy then gold should see a higher USD price.

For investors outside of the US however, it should be remembered that currency volatility will be reversed. If the dollar remains strong, and other currencies weak it will boost the gold price domestically. Should the dollar fall, this will strengthen other currencies, and result in a lower gold price.

Feeding into this will be inflation and interest rates. If inflation doesn't come down, central banks will continue to increase interest rates. This will have an impact on the economies in question, and their national currencies.

Lastly, geopolitics will continue to be ma major factor for investors to consider. The invasion of Ukraine earlier this year shocked the world, and had a huge impact on the global economy as Russian goods came under sanction. How the war progresses, and should similar events occur between Taiwan and China then gold would be expected to make further gains.

Most 2023 gold price forecast suggest some initial weakness for gold in USD, as the dollar remains strong, but could see some weakening in the dollar towards the latter half of the year, helping to push gold back up. View our list of 2023 gold price predictions.

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2022 Gold Price Forecast:

Following the record price of 2020, gold has seen optimism over the global economic recovery push prices down. Despite the pullback from the record, gold has remained in demand however, and the price is still relatively high compared to recent years.

There are several key factors for investors to watch for when considering the gold price in 2022. For a full analysis however, please read our full 2022 gold price forecast.

US monetary policy has already been a key factor for the gold price so far this year, and this is highly likely to continue into 2022. Tapering of bond purchases, and the raising of interest rates could see the gold price fall. Inflation will be one of the main drivers behind how monetary policies could change in 2022.

Despite the end of restrictions for many countries, the rise of the Delta variant of Covid has shown the risks the pandemic still poses. If vaccination programs prove insufficient to stop the spread and serious illness of the virus, then many countries will need to ask the question of how post-pandemic life will look. Any return to lockdowns/restrictions will hamper the economic recovery and could see gold push higher.

Following something of a pause in 2020, geopolitical issues are on the rise once more. Relations between Russia, China and the US are fraught with tension, and the US-China trade war appears to have no end in sight. Events in Afghanistan have also raised fears over the Middle East. Gold historically performs well during conflict, so investors will be watching closely for any increase in hostile rhetoric between any nations.

Central banks play a key role for gold demand, with national reserves accounting for tonnes of the precious metals. Many banks paused purchases while responding to the pandemic in 2020. Having resumed purchases in 2021, how this progresses in 2022 could also help support gold prices.

2022 gold price forecasts are quite varied, reflecting the mixed opinions in markets at the moment over inflation and the state of the economic recovery. Predictions vary from $1,500 to $2,000 and will likely change as the year progresses and things become clearer.

Update June 2022: As discussed above, geopolitical issues have become a major driver for the global economy and gold in 2022. The ongoing conflict in Ukraine and the sanctions placed on Russian products - gas and oil chiefly among them - has put recession back on the cards for many countries. Combined with the extreme inflation rife across the US and Europe, any slowdown in economic growth will result in further strife for the finances of many countries, just a year after emerging from the pandemic.

Gold is currently stuck between two opposing forces. The conflict in Ukraine and soaring inflation are helping to keep gold up near it's all-time high price. The response to high inflation is to raise interest rates however, something which many central banks have now begun to do. Higher interest rates can reduce the appeal of gold as a non-yielding asset, and that has stopped gold from rising to what would likely be new record highs.

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2021 Gold Price Forecast:

As forecast, 2020 proved a record-breaking year for the gold price, setting a new all-time high of $2,089 per ounce in August. Despite pulling back slightly as vaccine optimism increased hope of the end of the pandemic, gold ended 2020 up by 20%.

Below then are the key drivers for gold in 2021.

Covid-19 will of course continue to play a large role in the economic outlook in 2021. Vaccines have given some hope for an end to the continuing pandemic, and the resulting lockdowns. Vaccination programs have been relatively successful in the UK, but have proven far more challenging for the US and EU.

While there are hopes that the UK will be able to ease restrictions in the summer, there is still uncertainty over how far restrictions can be eased while the majority of the population remains at risk of the virus, and that restrictions may be in place worldwide for much of 2021 still, hampering any economic recovery.

The new Democrat President Joe Biden is also raising hopes of significant further fiscal stimulus and public spending in the US. This has for now increased risk-appetite and pushed stock markets to new all-time highs, but will also raise the chances of inflation in the months and years ahead, which will be a key driver for gold going forward.

For the UK, a final hour Brexit deal has avoided the worst-case scenario many had feared, and helped propel the Pound to a new 32-month high against the Dollar. Early signs suggest that the deal is causing some disruption however, and that even with a Brexit deal in place, the increased costs for businesses may come with price rises for some goods, causing further potential inflation in the months ahead.

Forecasts have now largely split into two main schools of thought; that prices will remain around current levels, or that prices will experience another 20% rise over the course of the year, reaching around $,2300 per ounce. As always however, and as 2020 has clearly demonstrated, there may yet be further unforeseen events that could impact the gold price in 2021.

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2020 Gold Price Forecast:

Will gold be a good investment in 2020? As 2019 draws to a close, we analyse the market's behaviour this year and forecast how gold bullion - and other precious metals - could perform in 2020. This gold price forecast for 2020 draws on past trends and current events to form a number of possible scenarios, with updates to be added as the year progresses.

After an impressive nine months, gold has already increased from £972 per ounce in March to an all-time Sterling high of £1,282.69 per ounce. The gold price has since come down from this peak as the Pound has strengthened, with an ounce valued at £1,156.06 today (24/10/19).

At BullionByPost we want to remind you that a forecast is just that. No one can be certain what will happen in the future, and the volatility in the world means that geopolitical and economic circumstances can change significantly and rapidly.

Unsurprisingly, the increase in gold prices this year has been matched with an increase in demand; with the World Gold Council reporting that demand in Q2 2019 was up 8% year-on-year.

The question for many investors is can the gold price keep climbing? Many of the drivers behind gold's recent rally are still ongoing issues. Most have no resolution in sight, and the way in which they end will likely have a significant impact on the gold price.

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Brexit

Updated January 2020: Following the Conservative Party's victory in December's general election, the first
phase of Brexit is now guaranteed. The deadlock has been broken, and MPs have agreed to the UK leaving
the EU on January 31st, 2020.

Now that the Withdrawal Agreement Bill has gained initial assent in Parliament, Brexit moves on to the second
phase. This will see the UK and EU negotiate over the trade arrangements between the two countries, and will
cover the huge range of regulations and tariffs that will need to be agreed.

These negotiations currently have a deadline for the end of 2020; and if a trade deal is not agreed by that time,
then the UK would default to World Trade Organisation rules. A no-deal Brexit has long been feared by businesses,
and it is widely accepted this would cause significant damage to the UK's economy.

Boris Johnson has once again ruled out any extension to this negotiation period, despite many EU officials - including new EU President Ursual von der Leyen - calling the timeframe 'impossible'. This then has put a no-deal Brexit back in forefront of many investors minds.

After an initial burst of optimism, which saw the Pound climb following the general election, it has since steadily dropped off. News that the Bank of England may be forced to cut interest rates, and increase quantitative easing, has also pushed the pound down lower. If the Pound lowers further as a result of the negotiations then this will push the price up domestically towards the Dollar value.

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Global economic slowdown

The global economic outlook has been worsening this year, with several countries facing recession. Germany
and the UK particularly have released worrying data in the past few months. Both saw contraction in the second
quarter, and narrowly escaped recession with minimal growth in Q3.

The US-China trade war has been blamed by many for the lack of growth. Manufacturing especially has been
hit hard, with orders dropping and prices rising on the back of increasing tariffs imposed by the two countries.
Negotiations are due to start again in October, but hostile language from Donald Trump has dampened hopes
of progress. Talks have stalled repeatedly, and the IMF believes this has already cost the global economy $455
billion. Should October’s talks fail yet again, then investors will turn to safe haven assets like gold over stocks,
with the increased demand driving up prices.

With economic data beginning to echo that of the financial crisis from 2008/09, investors are being cautious,
and any further sign of weakening could see demand for gold increase rapidly. In the words of Commerzbank:
“We see the ongoing steep rise in the gold price as an expression of the high-risk aversion among market
participants. Gold is quite clearly still in demand as a safe haven in the current market environment.”

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Geopolitical turmoil

Tensions between Iran and 'The West' grew this summer. The abandonment of nuclear treaties, attacks on oil
tankers in the Strait of Hormuz, and a more recent attack on Saudi Arabian oil refineries have all put Iran squarely
in the crosshairs of the United States.

Saudi Arabia, the US, the UK, Germany, and France have all pointed the finger of blame at Iran, despite the
latter’s rejection of these claims. News that America is deploying troops near Iran has only heightened the
rhetoric between the countries.

Conflict breeds uncertainty, and uncertainty is loathed by stock markets. Iran's proximity to major oil supply
routes worries many investors; Brent crude is essential to world industry and disruption to that is disruption
to all. When the first skirmish occurred, oil and gold prices rose. If a full blown conflict were to break out, prices
of both could rapidly escalate.

Updated January 2020: As discussed above, tensions between the US and Iran have continued to deteriorate in the beginning of the year. A US air-strike targeted top Iranian general Qasem Soleimani, in a move called an act of war by Iran. Retaliatory missile strikes by the Iranians resulted in no casualties, and things seem to have calmed down for the present.

With Iran saying they will push their enemy out of the Middle East however, many analysts fear that tensions could boil over again with only minor provocation. The threat of conflict already served to push the price up to a seven-year high of $1,611.25, so any signs of further aggression will likely push gold higher.

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The above factors are the known quantities, but surprise developments could see prices move further. Analysts
at TD Securities already predict that gold could reach $1,600 per ounce by the end of the year, while Goldman
Sachs predicted $1,650 and others see $1,700 as well within reach.

Updated January 2020: If the US and Iran draw a line under recent tensions, and the US-China trade war reaches
a positive resolution, then the gold price could drop back below $1,500 per ounce. If Boris Johnson pulls off
another unexpected victory, and agrees a full trade deal with the EU, then the Pound will strengthen against the
Dollar. This could see the domestic gold price drop back below £1,000 for the first time since May 2019.

With $1,600 now having been reached in just the first few days of the year however, any more conflict could see gold testing the all-time Dollar high of $1,896.50. If this coincides with a weakening of the Pound then, domestically, 2019's all-time Sterling record could easily be beaten and see the gold price testing £1,500 per ounce in 2020.

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2019 Gold Price Forecast:

Photo (L to R): President Trump, President Xi, Prime Minister May, and President Draghi (ECB)

Demand for investment gold rose by 4% in 2018 according to World Gold Council statistics, with the highest central bank buying for 50 years. The slowdown in the global economy is causing a headache for national treasuries, with governments increasingly concerned about currency volatility and trade difficulties. The US/China trade war as an act of American protectionism has had a widespread impact on supply and demand, and the longer it goes on the greater the perceived risk.

The main concerns politically and economically are the US/China dispute, the Eurozone’s growth slowdown, and Brexit. For the EU it is the worst of all scenarios, given that the weakened growth is being further punished by the US/China trade tariffs hurting native economies and the concern of Brexit removing the UK from the single market. Following Theresa May’s spectacular Brexit defeat it seems likely that the UK will continue to be stalemated over Brexit for months to come, and with talks between the US and China breaking down, it might be at least until the spring before any new progress is made.

The International Monetary Fund (IMF) are forecasting that the global economy will only grow by 3.5% this year, with Forbes and Bloomberg amongst the many news outlets reporting the risk of recessions across the world. Italy has recently entered recession, and it is likely that other nations such as Turkey will follow suit soon.

Update: As of March, figures from the European Central Bank and the OECD (Organisation for Economic Co-operation and Development) report that growth in the Euro area will be down to 1% in 2019, while wider global growth will be down to 3.3%. Germany, the UK, and Turkey are the biggest losers.

Image courtesy of the OECD

In response to the concerns of weak growth, the likes of the Bank of England and the US Federal Reserve have already hinted at no new interest rate rises in the near future – with the European Central Bank one of the closely watched sources. Europe’s top bank has only recently finished its quantitative easing program and, while the confidence to withdraw the safety net is a promising sign, it could expose the EU to wider global difficulties.

Update: As of March, the ECB has claimed it will not raise rates for the entirety of 2019.

January has gone well for the stock markets – their best performance in 30 years - but it was only last month that the FTSE 100 registered a two-year low in keeping with the recession fears. Veteran economist David Buik took to Twitter to point out that the FTSE’s lows meant that the London exchange had effectively made no gains since 1999. The rule of thumb for analysts is that January’s performance can indicate the rest of the year, but January 2018 was similarly strong and the disappointing economic data release throughout the year led to market sell-offs across the Dow, S&P and Nasdaq in the autumn.

Gold is currently at £1,008.17 per ounce – around £50 per ounce higher than this time last year but below the month’s peak at £1,024 per ounce. The price in Sterling has been heavily affected by Brexit’s impact on the Pound’s strength and desirability; Brexit progress in October 2018 put the gold price as low as £899 per ounce, but since then gold gained 13.9% in value in 12 weeks. Gold in USD is currently at $1,322.88 – up over $100 per ounce since mid-November.

Currency volatility has seen domestic prices fluctuate but the outlook is good for gold. Despite slowing growth and concerns over credit debt, China’s annual investor demand stayed roughly even in 2018, while demand in South-East Asia and the UK rose by up to 12%. Mining firms Newmont and Barrick Gold both made the news in recent weeks, with Newmont Mining purchasing Goldcorp and Barrick acquiring Randgold – a sign that there is interest in development in the gold mining industry.

The expectation is that gold will continue to gain value. Analysts forecast consistent prices above $1,300 per ounce this year, with some suggesting that gold – in the right (turbulent) circumstances could surpass the psychological $1,360 barrier – the common line of resistance for the price of gold in USD terms. $60 might seem a small gain but it’s a key indicator of strong sentiment for gold and low confidence in currencies, and historically beating this milestone leads to much higher gold prices.

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2018 Gold Price Forecast:

The January boost in stock value has surprised and impressed experts all over the world as the markets reach record levels. The S&P500 Index is up to 2,747 points and the FTSE 100 is sitting at around 7,724 points, with Goldman Sachs reporting that the world economy is outperforming predictions for the first time since 2010 at a 4% growth rate.

The Daily Telegraph offers a positive outlook for investors: statistically most years with a global stock price rise in January see prices continue rise throughout the whole year. Business Insider reports similar opinions about the US stock market, with experts from UBS, HSBC, Merrill Lynch, and JPMorgan all agreeing that stocks should rise at least another 100 points, if not by several hundred more.

The boom for stocks is good for the world economy but traditionally bad for gold. When stock markets do well the need for gold drops off and sales usually follow, but a Reuters article from November 2017 pointed out that as stock prices rose last year the demand for gold remained; acting as protection against exposure to avoid another 2008 style market crash.

Stocks might not be knocking the value of gold down, but increased currency strength could. The US dollar has been fluctuating in value for the past year but is now steadily rising in value – a worry for the price of gold. There are fears that the Federal Reserve could increase interest rates in 2018 to bolster the increased value of the dollar, which would hurt gold prices.

Fortunately for gold investors the US dollar is not stable. In 2017 the dollar’s value moved up and down based on President Trump’s proposed infrastructure plans and tax reforms, and Russia and China are both stockpiling gold ahead of a move away from the US dollar as the reserve currency. In 2018 the US government sees a fresh round of elections for the House of Representatives; elections that usually see the opposition party take control of the house. Control here for the Democrats would stall the President’s proposals, but there are fears that the US may also enter a trade war with China and impose tariffs due to the Chinese state’s subsidisation of the steel industry. Either of these issues would hurt the US dollar and drive its value back down.

President Trump is at risk in both the House of Representatives and with trade disputes in 2018

For Pound Sterling it’s a different story. The Bank of England has already raised interest rates in the UK and the effects were positive on the value of the currency, but this minor improvement has done little to reassure financial experts from the likes of Morgan Stanley, Commerzbank, Investec and Deutsche Bank, all of whom suggest that Sterling’s value will stay uninspiring for the foreseeable future.

A significant driving factor for increased gold prices in 2017 was the nuclear missile tests carried out by North Korea. Every test saw a corresponding rise in gold prices and despite a new-found willingness to enter talks with South Korea, there seems no end insight for this missile program.

The additional driving factor for 2018 will be income growth. The world economy is growing. India has recovered from the government’s radical demonetisation program late 2016 and has renewed its interest in gold as a commodity. China too has shown renewed interest in gold bullion, while Germany and the USA are both reporting continued reductions in the unemployment rates, which in turn are boosting economic output and the ability to invest in precious metals.

The stock markets are doing well, gold hasn’t suffered at its expense, Dollar and Sterling values are uncertain, and international disputes are in full swing. The stage is set for gold prices to rise strongly in 2018.

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2017 Gold Price Forecast:

After an incredible year for gold in 2016, we take a look at the expert’s predictions for 2017 …

Generally speaking, the gold price forecast for 2017 is a mixed bag. With many of the conditions that aided last year’s rally still at force, there is a general, if understated belief that this gold bull market is sustainable . However, many believe that the increase could be limited by increased interest rates in the US, with as many as three hikes expected in 2017 after the release of positive economic data boosted confidence in the strength of the US economy.

RBC has predicted gold to trade at an average of $1,245 per ounce and $1,303 in 2018, with 3 rate hikes priced into a low of $1,200 and an annual high of $1,300.

Goldman Sachs analyst Abhinandan Agarwal has also claimed that the proposed increases to US interest rate hikes could be a considerable negative catalyst for gold in the coming year, with the extra incentive to save likely to curtail some of last year’s demand for gold. However he also believes that the scale of this downturn could be offset by some of US President Donald Trump’s policies . Protectionist policies such as trade barriers and border adjustment tax could prove to be detrimental for US growth, prompting safe-haven inflows into gold .

HSBC’s James Steel appears to agree with this point of view , claiming that in the long term this gold bull market is still very much intact . He claims that despite fear over the fiscal cliff, Chinese economic slowdown and economic catastrophe in Greece apparently subsiding, the long term outlook for gold is positive . Steel pointed to the fact that on the COMEX, over the last 12 years, on no single week have the net longs, mainly made up of hedge funds, been shortened , even if the extent of some longs have been reduced. He affirms that despite a potentially lower pace in the coming year, the longevity of this bull market should not be questioned.

Low interest rates are likely to continue to contribute to this. Should the CPI continue to outpace interest rates hikes, savers will surely look to alternative investments in a world of negative real interest rates. When putting money in the bank becomes an expense, solid assets such as gold become more attractive.

Joni Teves of UBS supported this in an LBMA report, predicting an 8% rise in the gold price in the coming year . He listed stagnant interest rates amongst a list of reasons, including elevated macro risks and a belief that the dollar has peaked, behind his forecast of an average gold price of $1350/ oz t in 2017.

This view is not shared unanimously amongst the other contributors to the LBMA report , who have predicted on average a 0.5% drop in the gold price. Reasons for lowered expectations included positive economic data in the US, notably the unemployment rate, which dipped in January. Improved jobs data presented a catalyst for March’s rate hike, which could prove to be negative for gold. With up to three more proposed for 2017, a higher incentive to save rather than invest in safe haven assets could lower demand for gold.

However, much of this depends on the pace and scale of these interest rate hikes, and the dovish tone of the Fed in this month’s meeting indicated that further interest rate hikes are not as certain as first believed.
Rising inflation is also a potential concern. Should the pace of inflation get out of hand, then investors will flock to gold as a means of maintaining the value of their wealth .

Furthermore, conditions in Europe are well suited to another gold rally . Last year’s steep increase in the gold price was in no small part aided by the reaction to Britain’s decision to quit the European Union. With populist fervour rising around the globe, and several key elections to take place within Europe in 2017 , further victories for Eurosceptic parties could lead to more withdrawals from the European Union. Such an event would almost certainly spell the end of the euro and such a monumental currency collapse would almost certainly see huge inflows into safe-havens such as gold .

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• Live Gold Price Charts
• Why buy gold?
• Best time to buy gold?

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2016 Gold Price Forecast:

Opinion within the industry appears divided as to what the gold price is going to do in the coming twelve months . The new year has so far seen a general upturn in the price of gold, with the precious metal’s value increasing by more than £50 in the last month to around £775 per troy ounce . In the context of an overall drop since September 2011, it is uncertain whether this recent change is indeed the beginning of a bullish gold market, or merely a short-lived moment, with the bottom yet to have been reached. However, given the ongoing difficulties being faced in the global economy, there remains plenty of reason to believe that prices could continue the upward trajectory that we have witnessed so far in 2016. UBS have predicted an average price of $1,250 for the year , a solid improvement on 2015.

Recent news from the mining industry would appear to support such a forecast . Kelvin Dushnisky, president of the world’s largest gold miner Barrick Gold, has claimed that the gold mining industry has reached peak output, an event that should prove ‘bullish for the medium and long term outlook’. He told the FT that: ‘ falling grades and production levels, a lack of new discoveries, and extended project development timelines are bullish for the medium and long-term gold price outlook .’

This, combined with wider market turmoil, could see prices shoot up as demand increases given gold’s historic appeal as a ‘safe-haven’ during uncertain economic times . Major stock exchanges such as the FTSE, Dow Jones, CAC 40, and the Shanghai Stock Exchange all experienced negative years in 2015 and such a trend looks set to continue in the coming months. A 60% jump in the Chicago Board Options Exchange Volatility Index over the last three months demonstrates an extreme lack of confidence in the stock market that could strongly influence demand for gold bullion .

Such a view is shared by DoubleLine Capital CEO Jeff Gundlach , who believes that gold could rise by as much as 30% to around $1,400/ Oz . He stresses gold’s popularity as a diversifier as the reason for its growth amidst a troubled global political and economic environment. He lists the continued downgrading of global growth , the prospects for a ‘full-on bear’ USA market with most stocks down 20% from their peaks , and the poor performance of other commodities and emerging markets as justification for a largely pessimistic economic outlook for 2016.

As ever, such troubled times should generate reasonable confidence that the gold price will increase over the coming year, as investors seek to diversify their portfolios by adding a commodity with a proven ability to hold its value . Indeed, this is evident from gold’s performance in overall largely bearish commodity market, in which its price has remained remarkably high in comparison with other commodities, ‘relative to Goldman Sachs Spot Commodity Index (GNX) the gold price is at an all-time high and about 30% higher than it was at its 2011 peak. ’

Gold’s defiant performance in an otherwise bearish commodity market indicates that it is the safest place to invest at the moment, and demand could be set to increase over the coming months .