Gold News

Davenport increases Gold Price forecast

A well-respected investment company has increased its Gold Price forecasts for the next three years, StreetInsider.com reported yesterday (June 10th).

Davenport and Company, which has been providing advice to its clients for over 150 years, believes the yellow metal is set to perform well between now and 2012.

"We are raising our short and medium-term Gold Price forecast to $940/oz in 2009 (up from $925/oz), $1,025/oz in 2010 (up from $1,000/oz), and $1,100/oz in 2011 and 2012 (up from $1,000/oz)," an analyst from the firm told the news provider.

A similarly optimistic outlook for gold was expressed last week by Toby Hassall, chief analyst at Commodity Warrants Australia.

He explained that although demand for buying the metal for its safe-haven qualities is diminishing, investors are putting their money into it for its ability to provide a hedge against inflation.

"Although growing investor risk appetite has undermined so-called 'safe-haven' demand for gold, expectations of a period of strong reflation has raised the investment appeal of commodities including gold," he told Reuters.

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