The Royal Bank of Scotland has raised its long-term forecast for Gold Prices, it has been revealed.
According to Reuters, the bank has increased its 2011 forecast by ten percent and its anticipated price for 2012 by 20 percent. By 2012 it expects the precious metal to be worth $1,300 per ounce.
The bank's belief that Gold Prices will rise over the coming years backs up recent assertions from a reputed analyst.
Last week, Tom Kendall, a precious metals strategist at Mitsubishi, said that while prices had fallen slightly from their exceptional highs, they would eventually recover in the long term.
He told Reuters: "I would sum this up as a reality check for the gold market. We have seen a number of disappointments over the last few days in terms of economic data - Japanese GDP, German industrial production and a drop in SPDR holdings.
"It's going to be a little while before we challenge the highs that we saw last week."
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