Last Updated : 09 January 2010 at 23:45 IST
Gold to rise 30% in 2010, silver to reach $21.50
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LONDON (Commodity Online): Gold prices surged 24% in 2009 and is set to rise 30% in 2010 in a volatile market, according to Ross Norman of BullionDesk.com. In a prediction released on Friday, Norman said that spot gold prices will average $1236 with possibility of prices touching $1425 and reaching a low of $1080.
Ross was the fourth-best gold forecaster for 2009 with a price average of $988 per ounce, according to an annual poll run by the London Bullion Market Association (LBMA). The LBMA survey includes forecasts from leading industry analysts for gold, silver, platinum and palladium from banks and other specialist institutions.
Silver prices will average $19.55 with a high of $21.50 and low of $17.17, Norman said. Silver is expected rise on tight supplies apart from tracking gold, although fabrication demand is set to ease as investors move towards wealth preservationa and risk diversification.
Get historic quotes on India gold, silver futures
Ross Norman expressed concern with the massive government stimulus packages via quantitative easing, paid for with borrowed and printed money which is having only a relatively modest impact on growth as bank balance sheets may take longer to repair than widely expected. These factors support gold prices and investment community has lost faith in fiat currencies. This should ensure that investment demand not only fills the gap from diminished jewellery sales as prices rise, it should lead to a significant increase in total gold demand. Meanwhile supply is likely to remain constrained as few new projects come on stream to replace ounces taken out of the market by ETFs. Whilst possible default by sovereign entities may continue to play on peoples minds in 2010, this should increasingly provide advantage to hard assets that provide wealth preservation and risk diversification - gold and the other precious metals are seen as a beneficiary of this.
Platinum : Average : $1776 Hi : $1900 Lo : $1496
Platinum prices should stage a further recovery in 2010. Poor auto demand for vehicles in developed nations will be compensated for by increased vehicle demand in Asia. The launch of the platinum ETF in New York should also keep the market very much on the bid.
Palladium- Average $522 Hi : $625 Lo : $420
After a stellar performance on 2009, strong rise in palladium prices will continue in 2010 as available stockpiles become depleted. Re-stocking by many of the major automakers will also continue to keep the market firm.
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