International credit rating agency Fitch Ratings has revised its price forecasts for gold, silver, nickel, and aluminum in the coming years, according to a company report. Fitch now predicts that the price of gold will reach $1,900 per ounce in 2024, up from its previous forecast of $1,800. The forecast for silver prices in 2024 has also increased, with Fitch expecting a price of $8.4 per tonne. However, the agency has lowered its forecast for nickel prices in 2024 to $2,300 per tonne, down from $2,350. Similarly, the forecast for aluminum prices in 2024 has decreased to $2,300 per tonne.

Fitch attributes the increase in gold and silver price forecasts to higher global political risk premiums and expectations of lower production from major miners due to environmental considerations. The increase in silver prices is further driven by a decline in supply and lower production expectations from producers, leading to deficits in the market. On the other hand, the decline in aluminum prices is expected to impact margins for producers and revenues for manufacturers, especially with the reconstruction of the market after the demand recovery from China. As for nickel prices, the decrease in 2024 offsets the earlier decrease in prices, with a slight increase expected by the end of the year due to the market recovery outside of China.

Fitch’s revised forecasts indicate changing dynamics in the global markets for gold, silver, nickel, and aluminum. The company’s report highlights the influence of geopolitical factors, environmental considerations, supply and production expectations, and market recovery in shaping price trends. These forecasts are subject to change as market conditions evolve, and stakeholders in the respective industries will closely monitor these developments to inform their strategic decisions.

This news article was originally published on NEWS.am.