Last Updated : 23 October 2012 at 18:45 IST
Deutsche Bank still bullish on Gold; raises 2013 Gold, Silver forecasts
Source :Commodity Online
The gold price could exceed to $2,200 a ounce in 2013. the bank lifted its 2013 gold price outlook by 3% to $2,113 per ounce and its 2014 forecast by y 11.1% to $2,000/oz.
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FRANKFURT (Commodity Online): Germany's biggest bank Deutsche Bank raised its 2013 and 2014 forecasts for gold and silver, citing support from stimulus measures by central banks such as the United States Federal Reserve.
According to Deutsche Bank, the gold price could exceed to $2,200 a ounce in 2013. the bank lifted its 2013 gold price outlook by 3% to $2,113 per ounce and its 2014 forecast by y 11.1% to $2,000/oz. The German bank similarly advanced its 2013 price forecast on silver by 3% to $44/oz and its 2014 outlook by 11.1% to $40/oz.
Analysts at Deutsche Bank noted that, “A major support for precious metal prices are the recent moves by central banks to expand their balance sheet. Since gold is often sought as a hedge against currency weakness and inflation at times of loose monetary policy, such moves tend to boost its appeal to investors.”
"We believe central bank action to stimulate growth, avoid deflation and reduce systemic risk is unambiguously bullish for the precious metals sector and specifically gold," they added.
"While we have targeted gold prices moving above $2,000/oz since the beginning of 2011, we believe the Fed's open-ended program of QE announced last month increases our confidence that a surge in the gold price above this level is only a matter of time," Deutsche Bank concluded.
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