December was a relatively strong month for both precious and industrial metals, with prices rising almost across the board. A weaker US dollar and safe-haven buying buoyed gold prices, while base metals prices benefitted from signs that industrial activity may be turning a corner. We forecast a rise in base metal prices and a fall in gold prices by end-2020, as global growth slowly revives. However, near-term headwinds remain. As a result, we think that last year’s theme of elevated gold prices and moribund base metals will linger in the first few months of this year.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services