Fitch raises forecast for gold and copper global prices

Fitch Ratings has raised its forecasts for global prices for copper and gold in 2024, but lowered its forecast for prices for nickel and aluminum, Report informs.

In particular, in 2024 the price of gold is projected at $1,900 per troy ounce (previously – $1,800), in 2025 – $1,800 per troy ounce (previously – $1,600), 2026 – $1,600 (previously – $1,500).

“The increased gold assumptions for 2024-2026 reflect the higher geopolitical premium due to the safe-haven status of the metal,” reads the message.

Fitch also raised its copper spot price forecast. In 2024, they are projected at $8,400 per ton (previously $8,300). The price forecast for 2025-2026 remained at $8,000 and $7,500 per ton, respectively.

“The increased 2024 copper assumption reflects supply-side disruptions and lower production guidance from producers, which, together with a demand recovery outside China, will lead to a market deficit. Inventory levels remain very low,” Fitch noted.

The forecast for the price of aluminum has also been reduced to $2,300 per ton in 2024 (previously $2,350). The forecast for the price of aluminum for 2025 remained at $2,400, for 2026 - increased to $2,300 from $2,200, respectively.