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Gold Price to Hit $2,000 by 2014 Says J.P.Morgan

The Gold Price could reach $2000 per ounce by 2014 according to investment and retail bank J.P.Morgan.

Colin Fenton, commodity strategist at the multinational bank, said in Beijing on Thursday that the Gold Price "may reach $2,000 a troy ounce within the next two years."

At that level, gold would break its peak of September 2011. It would also be an increase of 23.5% compared to the current Gold Price of around $1620 per ounce.

J.P.Morgan's forecast is backed up by banking and financial services company HSBC's who says that by 2013, the Gold Price should have recovered to $1775 per ounce.

"Despite recent weakness, we maintain an upwards bias for gold and expect prices to recover in the second half of this year," HSBC's chief commodity analyst James Steel said in a note to clients.

Furthermore, French global banking group BNP Paribas' Gold Price forecast for 2013 is $2125 per ounce.

"We see the Gold Price peaking in 2013, as the market starts to anticipate monetary tightening in the United States, but do not expect a sharp fall thereafter," says precious metals analyst at BNP Paribas, Anne-Laure Tremblay.

Her 2013 forecast was higher several months ago, however, at $2200. HSBC's forecast for the average Gold Price next year was previously at $1850 per ounce.

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Pol Molinas is working as a research assistant at BullionVault, the No.1 gold and silver ownership service for private investors.

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