Gold price still has a path to $2,000, silver to $31 - CIBC

(Kitco News) - There is still a path for higher gold prices even as the precious metal struggles to recover from last week ’s massive selloff, according to one Canadian Bank.

In a report Wednesday, commodity analysts at CIBC adjusted their price forecasts for gold and silver. While the bank has downgraded its price forecast for this year, the analysts remain optimistic that prices will peak above $2,000 an ounce by 2022.

For this year, the Canadian bank sees an average gold price of $1,925 per ounce and an average price of $2,100/oz in 2022. The analysts noted that their revision is less than 10% from their previous forecast.