Gold industry sees bullion surging 10pc in a year to record high

Gold is expected to climb to record highs over the next year, according to a survey of the bullion industry at a major annual gathering.

Delegates at the London Bullion Market Association event in Miami expect prices to rise to US$2 917,40 an ounce by late October next year, about 10 percent above current levels.

The number is based on an average of forecasts from traders, refiners and miners, who were surveyed over two days by the LBMA at the conference.

Gold is one the strongest performing commodities in 2024, setting successive records thanks to its appeal as a haven, role as a diversification play to safeguard wealth, and central-bank buying.

Its latest peak was set above US$2 685 last month, bolstered by the Federal Reserve’s shift to rate cuts. Non-yielding gold tends to perform better in a lower-rate environment.

Spot gold was little changed at US$2 663,13 an ounce at 9:14 a.m. in Shanghai on Wednesday. Platinum rose, silver was flat, while palladium edged lower.

Silver will gain more than 40 percent in the coming year to reach US$45 an ounce, according to the survey. — Bloomberg