The real-time statistics for the price of Gold per ounce was $1,322.70 whereas Silver traded at $19.70 per ounce on Tuesday July 26.
Uncertainty from political and economic outlooks have changed Gold sentiments and prompted the Gold Fields Mineral Services (GFMS) to revise its forecast average price predictions for 2016.
These comprise of the Brexit and its economic repercussions, low expectations of interest increase from the Fed, the forthcoming U.S. elections, UK’s political challenges and the unsteady Italian banking industry.
Accordingly, GFMS acknowledged on July 26 that Gold will likely retain its status in risk hedging for the rest of 2016 as the risks and uncertainty persist. It predicts an average price of $1,279 per ounce current year, up from its earlier forecast of $1,184 in April. At first, Brexit had caused a surge in gold price up to $1,360 per ounce, a 28-month peak.
With regard to Silver, Thomson Reuters GFMS reported that its price averaged $15.91 in 2015. They also noted that 2015 had a small physical deficit of 42.7 million ounces.
Anything that affects prices for Gold also affects prices for Silver. GFMS predict that the metal’s price will average $16.80 in 2016. Notwithstanding, other firms have differing estimates.