Moneycontrol
Oct 18, 2016 03:05 PM IST IST | Source: Reuters

Gold industry sees prices rebounding to $1347.40/oz over 12 mths

Spot gold is seen at USD 1,347.40 an ounce by October next year. Gold has shed 8 percent from a two-year high in July amid expectations for a US interest rate hike by year-end. It was trading at about USD 1,262 on Tuesday.


Delegates to the annual conference by the London Bullion Market Association (LBMA) expect gold to rebound to well above USD 1,300 an ounce over the next 12 months.


Spot gold is seen at USD 1,347.40 an ounce by October next year. Gold has shed 8 percent from a two-year high in July amid expectations for a US interest rate hike by year-end. It was trading at about USD 1,262 on Tuesday.


A separate Reuters poll of some delegates to the conference predicted that gold would recover to above USD 1,300 an ounce next year as a pickup in physical demand counters more potential US rate increases.

Silver, which has gained 27 percent this year to outpace gold, is projected to hit USD 20.90 an ounce by October 2017, the LBMA poll showed. Platinum is forecast at USD 1,055.30 an ounce and palladium is seen at USD 752.50.

Sections
Follow us on
Available On