2020 was one of the best years on record for gold, as investors piled into the safe-haven asset amid geopolitical and economic uncertainty. The precious metal even hit a record high of $2,075 on August 7, 202.
But UBS Global Wealth Management strategists don't see gold repeating its stellar performance in 2021. Instead, the firm sees other metals- including silver and platinum - outperforming gold during the year ahead.
As the economy improves in 2021, industrial demand will support silver and platinum group metal prices, said UBS. The strategists expect silver prices to reach $30 per ounce by the end of the first quarter and eventually level off to $27 per ounce by the end of 2021. Silver is currently trading around $25 per ounce.