Gold likely to scale new heights in 2012: survey
07 Jan 2012
Gold prices are expected to rise for the twelfth straight year and reach a record high in 2012, a survey of precious metals traders by the London Bullion Market Association found. Traders, however, are less optimistic in the case of silver and platinum.
The LBMA's survey of 26 contributors showed all but three participants expected gold to hit an all-time high in 2012, with a majority of 19 of them forecasting gold to reach a high above $2,000 an ounce.
They also forecast gold to average $1,766.00 an ounce this year, compared with an average of $1,572.00 in 2011.
Gold rose to a record $1,920.30 an ounce in September and gained 10 per cent in price in 2011, in an 11th consecutive year of gains.
Ruth Crowell, LBMA commercial director, said in a note that participants expected prices for all four metals to pick up from their current levels.
"However, if we compare the average 2012 forecasts with actual average prices in 2011, we can see that analysts are less bullish about the prospects for precious metals during the next 12 months," she said.
