(Kitco News) - The gold market is in a precarious position as inflation and interest rate expectations continue to dominate the marketplace. However, growing uncertainty in global financial markets supports the precious metal, according to one investment firm.
In its latest precious metals forecast, analysts at Haywood Research slightly increased their outlook for gold and silver through 2021. The firm said that it sees gold prices now averaging the year around $1,815, up 0.8% from the previous forecast.
"Gold remains a tangible, fungible, and durable product and store of value. We believe the precious metals complex is in a long-term uptrend and the recent breakout from the recent March 2021 lows supports this view, while ongoing longer-term macro-economic factors remain constructive," the analysts said.