Precious metals price forecast up

Print this page Posted on : 05-18-2007 by recycleinme.com

HSBC raised its price forecasts for gold, sliver, platinum an d palladium, citing the US dollar’s weakness, stronger oil prices and robust investment demand from the exchange-traded funds (ETFs). Mr. James Steel, analyst at HSBC, lifted his gold price target to $660 an ounce from $630 an ounce for 2008, and raised his 2009 outlook to $600 from $550, while leaving its 2007 forecast unchanged at $680. For silver, Mr. Steel slightly raised its 2007 price view to $12.55 an ounce from $12.25 an ounce, while leaving its 2008 and 2009 forecasts unchanged. He also expected prices of the platinum group metals to move higher. He raised his platinum price forecast to $1,305 from $1,225 for 2007, up to $1,250 from $1,150 for 2008, and up to $1,150 from $1,050 for 2009.

Source : Business Line