International precious metals futures experienced notable declines on the heels of mixed U.S. economic data, which prompted investors to take profits following a four-day rise in gold prices. COMEX gold futures dropped 1.87%, settling at $2,705.2 per ounce, while spot gold fell by nearly 1.6%, dipping below $2,680. Similarly, COMEX silver futures saw a 4.25% decrease, falling to $31.565 per ounce, and spot silver dropped almost 2.6%, dropping below $30.90.
Despite the recent downturn, it has forecasted a gradual upward trajectory for both gold and silver over the next 3 to 12 months. The firm projects gold to reach $3,000 per ounce and silver to climb to $36 per ounce. On the other hand, oil prices are expected to decrease to $60 per barrel by mid-2025, signaling a slight overall decline in the commodity market.
Looking ahead, ING has adopted a bearish stance for commodities in the coming year, although gold remains an exception. The World Gold Council also anticipates that gold will see its best annual performance in over a decade, with continued growth potential heading into 2025.
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