The OCBC Bank sees the metal averaging $1,800 by year's end
"The Gold Bullion Entrepreneurs Association of Malaysia (GBEAM) expects
gold price to hit US$2,000 per ounce by mid-year from the current US$1,733 per ounce as the weakening global economy would drive more funds to safe-haven investments such as gold," Malaysia's Star newspaper reported.
Meanwhile, the same report also noted another bullish forecast:
"An OCBC Bank report last month forecast that
gold prices would target around US$1,800 per ounce by end-2012."
"In 2011,
gold purchases made by central banks were seven times higher than 2010, and this sets a bullish tone for
gold as the bullion is increasingly being viewed as a store of value by both investors and global authorities, "the report said. "As such, we believe
gold prices to target US$1,800 per ounce by end-2012," it added.
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