Gold price rally of 2020 crushes analyst forecasts (Image courtesy of PAMP) Gold had a monumental 2020 as bullion soared to multiple record highs throughout the year amid the economic uncertainties brought by the covid-19 pandemic, which helped to cap off its best annual performance in a decade. During the past calendar year, gold prices traded at an average of $1,769.59/oz, well exceeding what most analysts were forecasting in mid-January. Sign Up for the Precious Metals Digest Sign Up According to the London Bullion Market Association’s (LBMA) annual precious metals forecast competition, analysts were forecasting the gold price to be $1,558.8/oz on average, an increase of 12% from the average price in 2019, but still short of the actual average price by over $200/oz.