Gold to stage modest recovery from 19-month lows - Reuters poll
According to the latest Reuters poll, analysts and traders have made downwards revisions to their average gold price forecasts for this year and 2019, in response to the August sell-off to 19-month lows.
Key Findings:
“Spot gold will average $1,273 an ounce in 2018 and $1,300 in 2019, according to the poll of 39 analysts and traders conducted this month.
That compares with predictions in a similar poll three months ago of $1,301 for this year and $1,325 for next year.
Appetite for gold from exchange-traded funds backed by the metal is recovering after their holdings dropped almost 10 percent, or 5.4 million ounces, between mid-May and early October.
The beginnings of a repositioning by speculative investors which had ramped up bets on lower prices on the Comex exchange to the highest on record is also a positive.
Poll respondents also downgraded their silver outlook, predicting an average price of $15.80 an ounce this year and $16.40 in 2019, down from the previous poll’s forecasts of $16.70 for 2018 and $17.52 for 2019.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
