Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- Although the Federal Reserve is expected to maintain interest rates at restrictive levels through most of 2024, geopolitical uncertainty will continue to support gold prices in the next 12 months, according to sentiment during the London Bullion Market Association 2023 Global Precious Metals Conference.
The LMBA conference survey shows that participants see silver prices trading around $26.80 an ounce by next year’s conference in Miami, Florida. The bullish outlook comes as silver is currently trading around $23 an ounce. "Silver's use in Photovoltaic solar panels is going to drive silver prices higher," said Phillips Baker, CEO of Hecla Mining, on the sidelines of the conference."This is not an issue that will be going away anytime soon. The need for Photovoltaic solar panels will drive demand for the next decade.
"With the Fed on hold next year, U.S. monetary policy will not be a major factor for gold. Geopolitical uncertainty will be an important driver for the price," said Kirill Kirilenko, senior precious metals analyst at CRU."Safe-haven demand should be good for gold and silver in 2024." Conference participants are also bullish on platinum, with prices expected to hit $1,153.70 an ounce next year, according to the LBMA survey.
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