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Silver, platinum and palladium forecasts for 2013 and 2014 has been unchanged by the bank.For Silver it introduced a 2015 forecast of $28 per ounce, $815 for platinum and $825 for palladium.

04 Jan 2013

HONG KONG(Commodity Online): HSBC, the global bank, has lowered its gold price forecast for 2013 to $1760 an ounce from the previous forecast of $1850/Oz.

The bank expects a volatile market for yellow metal in the current year and estimates a wide trading range of 1,575/oz to 1,950/oz . The forecast for 2014 has been unchanged at 1,775/oz and introduced a 2015 forecast of 1,675/oz. Forecast for long term has been left unchanged at 1,500/oz.

Based on historical consumption patterns, the Indian consumption is expected to recover and gold market is likely to rally higher in 2013 on supply/demand fundamentals, the bank says.

"We believe that gold prices will recover this year and retain a pronounced bullish posture," says HSBC analyst James Steel.

Silver, platinum and palladium forecasts for 2013 and 2014 has been unchanged by the bank.For Silver it introduced a 2015 forecast of $28 per ounce, $815 for platinum and $825 for palladium.

"After weakening in 2012, we are moderately bullish on silver prices this year due to a recovery in manufacturing demand,"Steel added.

Supply tightness may lead the platinum group metals rally in 2013, Steel said.


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