Gold Analysts At LBMA See 25% Return To $1,532/oz In 12 months
-- Published: Wednesday, 31 October 2018 | Print | Disqus
(by Reuters from BOSTON, LBMA)
The price of gold is expected to rise to $1,532 an ounce by October next year, delegates to the London Bullion Market Association’s (LBMA) annual gathering predicted on Tuesday.
Gold in USD (10 Years)
A poll of delegates at the LBMA conference in Boston also predicted higher prices in a year’s time for silver, platinum and palladium.
Spot gold has had a difficult few months, falling from a high of $1,366.07 in January to as low as $1,159.96 in August as the dollar strengthened and the U.S. Federal Reserve pushed ahead with interest rate rises.
But it has since clawed back to around $1,225 an ounce as volatility on global stock markets revived interest in bullion as a safe place to store assets.
The poll also showed that delegates expect silver prices to rise to $15 an ounce by the end of October 2019 from around $14.50 on Tuesday.
Platinum prices were forecast to increase to $1,010 an ounce over the next year from around $835 on Tuesday and palladium was expected to rise to $1,195 from around $1,075.
Analysts and traders polled by Reuters this month said they expected gold prices to average $1,300 an ounce in 2019, silver to average $16.40, platinum to average $875 and palladium to average $1,025.
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