Citi expects gold to hit $2,000 in 2021, silver to push $22 in Q3

The consensus is that gold prices have more room for growth, especially with all the money-printing occurring aroudn the world.

But where is the yellow metal heading?

Citibank recently updated its forecast for gold prices, and commodity analysts anticipate the precious metal to hit $2,000 by next year due to soaring investor demand.

In the second half of 2020, the financial institution expects gold prices to average $1,715 per ounce. In 2021, analysts project gold to average $1,925.

“We think prices are more likely to make a slow grind higher, but generally hold a $1,600-1,700 handle, rather than quickly spike to the $1,850-1,950 area,” the analysts said.

What about silver? Citi researchers anticipate silver topping $22 per ounce in the third quarter.

At the time of this writing, gold is trading at just above $1,700 and silver stands at $17.07.