Oil & Gold Consensus Forecast - 5 May 2020
The oil price outlook continued to deteriorated in May, leading panelists to further slash their price projections. Global demand is set to remain severely curtailed in the months ahead, which, coupled with limited and quickly evaporating storage capacity, will weigh on prices in the short-term.
Gold prices are expected to remain elevated this year and next, chiefly thanks to sturdy safe-haven demand due to severe economic impacts stemming from Covid-19. Geopolitical uncertainties—including Sino-American relations, the U.S. presidential elections and tensions in the Middle East—also bode well for gold prices ahead, although softer jewelry demand is likely to limit the upturn.