Last Updated : 12 October 2012 at 20:20 IST
Barclays: Gold to average $1,860/oz in 2013; Silver at $32.50/oz
Source :Commodity Online
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- Base metals, Oil may trade higher on US data; Gold, Silver to be negative
- Spot gold prices declined around 0.5 percent today on the back of upbeat global markets which led to fall in safe haven appeal for the commodity. Further, strength in the US Dollar Index (DX) added downside pressure on prices.
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NEW YORK (Commodity Online): Gold prices to average $1,860 an ounce in 2013 and silver at $32.50 per ounce, said Barclays Capital in a commodity research note.
According to Barclays, the platinum price to average $1,760 an ounce next year and palladium at $775 per ounce. The precious metals are seeing fundamentals diverge.
“The macro environment has evolved more favorably for gold after the announcement of QE3 (third quantitative easing) removed one of the hurdles over which gold has stumbled in the form of dollar strength,” the British bank added.
Labor unrest in South Africa has cost production losses of 300,000 ounces of platinum this year, but the market remains in surplus, they noted.
Silver has risen, but is lacking support from industrial demand which makes it the most vulnerable to weakness for any precious metal.
Palladium prices continue to falter under a slowdown in demand from China, Barclays concluded.
