They rose to a record average of US$1,775.58 in 2020, up 37.2% from the annual average price the previous year. After that, there were incremental increases over the next three years. In 2021, gold averaged US$1,799.32, rising to an average of $1,804.36 last year. This year through October, the price averaged US$1,940 per oz., up 7.4%.
That compares to a daily record US$2,058.40 per oz. on a daily settlement price basis in 2020. This year gold touched US$2,152.30 on an intraday basis on Dec. 3, after reaching a new record high settlement price US$2,089.70 on Dec. 1.
For the full year 2023, CPM Group projects an average price of US$1,950 or higher, with prices likely to end the year above US$2,000 per ounce.
CPM expects gold prices to average well above US$2,000 in 2024 and probably above US$2,100 per oz. in 2025.
In the face of four consecutive years of record gold prices, it is strange that so…
