After a disappointing year, gold prices will need time to recover, according to the world’s largest bank, which projects a full rebound only in the third quarter of next year.
Prices will steadily rise next year, peaking at $1,320 in Q3, Industrial and Commercial Bank of China (ICBC) said in its Gold Market Outlook. “For 2019 and 2020, we now forecast respective year average prices of $1,293/oz and $1,300/oz,” the report notes.
More specifically, ICBC estimates for gold prices to average $1,260 an ounce during Q1 2019, $1,290 during Q2, $1,320 during Q3, and $1,300 during Q4.
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana. The Company also has a small gold mining and exploration portfolio in Kenya, Ghana and Burkina Faso.