National Australia Bank sees Gold Price rising in 2010
National Australia Bank revealed yesterday (December 7th) that it expects Gold Prices to enjoy steady and sustained rises over the course of 2010, Reuters reports.
The 17th-largest bank in the world believes the yellow metal will average $1,100 per ounce during Q4 2009 and $1,149 per ounce in the first three months of next year.
Furthermore, it sees gold averaging $1,174 per ounce in the second quarter, before climbing to $1,204 per ounce in Q3 and reaching $1,234 per ounce in the final quarter of 2010.
Explaining its predictions, the bank noted that demand for Gold Investment is expected to be the driving factor in the price rises over the next 12 months.
"Investor interest continues to support gold demand, while jewellery consumption remains very weak," it said, according to the news provider.
"Gold prices are expected to remain well supported before trending higher with a rebound in jewellery consumption over 2010."
Meanwhile, a similarly optimistic view was put forward last week by Michael Hewson, an analyst at UK-based derivatives firm CMC Markets.
Speaking to AFP, he explained that ongoing safe-haven flows into gold in the current economic climate could see the metal climb as high as $1,500 per ounce in the future.
"It is a store of value while investors have serious doubts about the global financial system. It is something that is not going to lose its value like a currency," he told the news agency.
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