(Kitco News) - The gold market is starting 2021 on a weak note as it struggles to find consistent buying momentum; however, many analysts aren ’t giving up on the precious metal anytime soon.
In its 2021 outlook report, pushed earlier this week, analysts at MKS are remaining extremely bullish on both gold and silver. Despite the weak start to gold, the European precious metals firm said that it expects gold prices to push to $2,300 an ounce this year. The analysts said that they see prices averaging the year around $2,072 an ounce.
“While the global economic recovery shows some positive signs, we will continue to face uncertainties, especially in the first half of the year,” the analysts said. “In the context of low global real interest rates, a slow recovery in growth, higher market volatility and a weakening USD, gold shall remain an asset of choice in investors ’ portfolios as a safe haven and insurance against disruptions.”