As previously reported, Stifel analyst Ingrid Rico downgraded Eldorado Gold to Hold from Buy with a price target of C$17.25, up from C$15.50, in conjunction with the firm’s Q4 precious metals earnings preview. The firm now forecasts an average 2024 gold price of $2,050/oz on increasing demand attributable to gold’s safe haven status and adjusted its long-term gold price forecast to $1,800/oz from $1,750/oz previously as gold “seems to have retained its attractiveness even in a rising yield environment.” For silver, the firm is forecasting an average price of $23.19/oz in 2024, slightly lower than the 2023 average.
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