Saturday, September 14, 2013

HSBC Global Research Raised 2013 Gold Price Forecast

REUTERS – HSBC Global Research raised its 2013 gold price forecast and said physical demand is becoming a major driver for the yellow metal.

The bank lifted its gold price outlook for this year to $1,446 per ounce from $1,396, and kept its 2014 forecast unchanged at $1,435 an ounce. Spot gold was trading at $1,330.66 at 17:36 GMT on Thursday.

“Physical demand for jewelry, coins, and bars from China, especially, are supportive and becoming a key driver,” HSBC said in a note on Thursday.

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