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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 | 3,282.4 | -49.6 | -1.49 |
| Silver | 32.99 | -0.49 | -1.46 |
| Platinum | 974.5 | -1 | -0.1 |
| Palladium | 943 | -13.5 | -1.41 |
28/04/2025
The Dubai gold rate is dropping - and it couldn't be happening in a better week for shoppers out there. A gram of 22K is at Dh367 (and Dh396.25 for 24K) and showing signs that there could be more pri
Gulfnews
26/04/2025
Gold prices fell by more than 1% on Friday as China considered exempting certain US imports from its tariffs, denting the precious metal's safe-haven appeal.
Spot gold fell 1.4% to $3,302.81
QNA
25/04/2025
Gold prices jumped more than 1% on Thursday on bargain buying, a day after the bullion hit a one-week low amid optimism over the US-China trade deal.
Spot gold rose 1.5% to $3,335.39 an ounc
QNA
24/04/2025
The Dubai gold rate has gained a near Dh7 a gram early today, which will come as a complete jolt to shoppers in the UAE who had been hoping for a third straight day of price softening. The local gold
Gulfnews
23/04/2025
Saudi Arabia's demand for gold bars and coins rose 9 percent in 2024 to 15.4 tonnes, reaffirming the Kingdom's position as the Gulf region's largest investment market for the precious metal, a new re
Arab News
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