(Kitco News) - Gold’s recent disappointing performance is not affecting sentiment at the world’s largest mining conference as one market analyst expects prices to continue to push higher through 2020.
Nicky Shiels, commodity strategist at Scotiabank, kicked off her precious metals outlook, at the Prospectors and Developers Association of Canada 2020 conference in Toronto, Canada, by declaring that “Gold was back in vogue,” and embarking on a new uptrend.
She added that the only question for the precious metal is the trajectory of the uptrend for 2020. Looking at prices, Scotiabank has increased its forecast for the year; Shiels said that she sees gold prices pushing to $1,750 an ounce and averaging the year at $1,625 an ounce, a 1.5% increase from the previous forecast.
In the medium to long term, Shiels noted that there is a possibility that prices rally to $1,900 an ounce.