LATEST FORECASTS for the Gold Price in 2011 from London's leading institutional experts average more than $1450 per ounce – a 19% increase on last year's annual price.
Twenty-four analysts, traders and economists have entered this year's LBMA Forecast competition at the London Bullion Market Association – trade body of the world's professional wholesale gold and Silver Bar market.
Eight of the entrants forecast a 2011 average Gold Price of $1550 per ounce, with previous winner Ross Norman targeting a peak 2011 price of $1850 per ounce.
2010's most accurate Gold Price forecaster was Philip Aubertin of Swiss-based bullion bank UBS, correctly picking last year's average down to the Dollar. This year his colleague Edel Tully, now metals strategist at the bank, forecasts a peak price of $1700 in 2011, with a Gold Price low of $1250.
All told, Gold Price forecasts by the 24 gold-market professionals put the 2011 average at $1457 per ounce, with the forecast peak averaging some $1632 and the low averaging $1268.
Last year's forecast average came within 3% of the actual result at $1225 per ounce.
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