Hopes for early mass vaccination against coronavirus pushed precious metals prices down on Monday.
During the auction, gold fell 0.31% to $1,837.85 per troy ounce. Silver dropped in price by 0.33% — to $24.015 per ounce.
The pressure on gold will continue in the short term due to the strengthening of the stock market and the flow of capital from ETF funds to equities. At the same time, analysts at the Australian bank ANZ expect a significant increase in the value of this precious metal in 2021, fueled by a weaker US dollar, low-interest rates, as well as a slower start of vaccinations, which is expected to begin only in the second half of the year.
According to their estimates, in the first quarter of next year, gold will rise in price to $1,900 per troy ounce. At the same time, their forecast assumes an increase in the price of gold over the next twelve months to $2,100 per ounce.