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31/03/2012 08:04 AST
Zurich based UBS bank has cut their 2012 gold forecast by 18% owing to improved indications of US recovery. 2012 gold prices is now expected to average $1680/oz as against the previous forecast of $2050/oz.
"The view that the U.S. economic recovery is looking more sustainable is becoming increasingly accepted. Gold is at risk, for it needs persistent inflows of investor money to keep it on its upward trajectory", BBS states in a report while adding that the $2050/oz estimate is now considered an aggressive target.
The bank is positive on palladium and platinum prices over the next 3 month period given the recovery of the US while Iron ore is also expected to benefit during the same period due to a tightening of supplies.
UBS is not alone in reducing their gold price forecasts. Earlier, Goldman Sachs had cut their their price forecast for gold while stating that "Our economists forecast subdued growth and further easing by the Fed in 2012". Three month forecast is now at $1785 while the 12month forecast projects gold prices to be around $1940/oz.
Commodityonline
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Gold | 4,509.81 | 32.25 | 0.72 |
| Silver | 79.92 | 2.93 | 3.81 |
| Platinum | 2,286 | 13.5 | 0.59 |
| Palladium | 1,818.5 | 52 | 2.94 |
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13/01/2026
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The ral
Khaleej Times
12/01/2026
Asyad Shipping Company has agreed to sell four of its partially owned liquefied natural gas (LNG) vessels as part of its ongoing fleet renewal strategy, the company said in a disclosure to the Muscat
Muscat Daily
Financial Information Co.
Saudi Arabia