Three months ago, a Reuters poll predicted prices would average $1,950 in 2023.
Standard Chartered analyst Suki Cooper said gold is "more likely to test the downside until rate cuts materialise unless a new catalyst emerges".
For silver , the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024.
"Anaemic performance from gold and concerns over economic outlook especially in China" have weighed on silver, O'Connell added.
But silver could still find support from solar panels demand, analysts said.
Persons:
Ross Norman, Carsten Menke, Julius Baer, Suki Cooper, Rhona O'Connell, Silver, O'Connell, Ashitha Shivaprasad, Harshit Verma, Arpan Varghese, Barbara Lewis
Organizations:
Federal Reserve, U.S, Thomson
Locations:
China, Bengaluru