THE AVERAGE Dollar gold price this year may be lower than that of the previous year for the first time since 2001, according to a leading precious metals analyst.
Jeffrey Christian, managing director of precious metals consultancy CPM Group in New York, says gold may average $1565 an ounce over the course of 2013, compared to $1668.75 last year.
"The global economy is likely to muddle along," says a statement from CPM, which launched its 'Gold Yearbook 2013' this week, adding that "present [positive] sentiment has reduced the urgency [felt by investors to buy gold]."
Bank of America Merrill Lynch meantime trimmed its 2013 gold price forecast this week to $1670 an ounce, down from the $1680 to which it was cut only weeks earlier. A number of other major banks have also cut their gold price forecasts since the start of the year.
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