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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): BMO Capital Markets has raised its 2013 price forecasts for gold and silver by 14.7% and 11.4%, respectively.
The European Central Bank’s intentions to purchase sovereign debt and a new round of quantitative easing by the Federal Reserve that suggests “continued negative real interest rates and appeal for precious metals as a store of value,” the Toronto based firm added.
BMO Research said that, it now expects the gold price to average $1,950 an ounce in 2013 and break the psychological barrier of $2,000 within the next year. Silver is expected to average $39 an ounce next year.
“They continued that, “for both metals, long-term prices have been increased to account for escalating capital and operating costs.”
BMO Research’s revised 2013 metal price forecasts imply a gold-to-silver ratio of 50:1, compared to the current 53:1. The 30-year historical gold to silver ratio is 55:1. BMO forecasts $1,650 platinum, $725 palladium and $1,200 rhodium next year.
