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Main » 2016 » February » 24 » Top Forecaster: Gold can rise to $ 1,400 per ounce
Top Forecaster: Gold can rise to $ 1,400 per ounce

The most accurate forecaster in precious metals - is due to its forecast for 2016 dubbed the "superhero" - believes that if the volatility in the global markets continues, the demand for safe-haven assets rise that will push the price of gold to $ 1,400 an ounce and above.



 "The metal continued to trade above $ 1,200 in this quarter and maybe in the next, as investor interest in safe assets is growing," - says Barnabas Gan of Oversea-Chinese Banking Corp. Gan, who had previously talked about the fall of the value of gold at the end of this year to $ 950 per ounce, revised its forecast, saying that towards the end of 2016 the metal will trade at $ 1000- $ 1150.

Against the background of concerns about global economic slowdown and falling oil prices, causing financial market turmoil and expectations that the Fed will postpone raising interest rates, precious metal is the best performer among the goods this year. Since the volatility in global markets abated, leading forecasters, including Ghana, have revised their forecasts for 2016.

"Given the volatility in the stock markets and general risk aversion, gold is regarded as a safe asset, - said the economist. - If this trend continues, the price of gold may well grow to more than $ 1,400 an ounce. "

As of 11:57 am in London, bullion for immediate delivery traded at $ 1236.97, after rising to an annual maximum of $ 1263.48 per ounce on 11 February. After three years of losses since the beginning of 2016 the metal rooted in price by 16%, while shares in the world markets fell by 8%, while the price of oil fell by 17%.

Traders estimate the possibility of increasing interest rates at the next Fed meeting in March to 10%. At the beginning of 2016 the figure was 51%.


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