Gold News

Gold Price to Hit $1340 "by Year-End"

Gold Prices will average more than $1260 an ounce between now and year-end, according to the gold market's leading data and analysis experts, with a peak of perhaps $1330 or $1340.

"There's a solid backdrop for Gold Investment," said GFMS chairman Philip Klapwijk in London on Tuesday, launching the independent metal consultancy's latest Gold Survey 2010 update.

Pointing to low interest rates, continued fears over fiscal deficits, and a "likely slowdown, if not double dip" in global economic growth – which may lead to a second-round of quantitative easing by developed-world central banks – "Our forecast for average Gold Prices across full-year 2010 is now $1199, with perhaps a high of $1330 or $1340 per ounce in the second-half," he said.

Klapwijk was the most accurate of more than 25 professional forecasters surveyed for the London Bullion Market Association's 2009 Gold Price predictions.

"Gold looks well-defended $20 below $1200," he told attendees of Tuesday's presentation, citing a resurgence in Indian jewelry demand and continued strength in Chinese and Western Gold Investment demand.

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