Gold to outperform silver in 2023 as BMO raises price forecasts gold silver BMO
- Physical demand for gold is expected to be robust and push gold prices above $2,000 an ounce in the next three months as investors look for safe-haven assets to protect themselves from the growing banking crisis, according to commodity analysts at BMO Capital Markets.
Looking further out, the bank has upgraded its gold prices by 7%, seeing long-term prices averaging around $1,500 an ounce. BMO is also bullish on silver but to a lesser extent than gold. The Canadian bank sees silver prices averaging the year at $22 an ounce, up 8% from the initial forecast. The analysts said they expect silver to also peak in the third quarter with an average price of $22.30 an ounce, up 9% from the previous estimate.Along with gold and silver, BMO said it is increasing the majority of its price estimates for this year.
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