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GFMS claims demand for gold is weak, sees price falling this year
Gold, Silver Set for More Pain into 2016, Poll Says
By Jan Harvey
Reuters
Thursday, October 15, 2015
LONDON -- Gold prices are expected to post another year of losses in 2016, with more pain still in store for the precious metal this year after a weak third quarter, a Reuters poll showed on Thursday.
The survey of 38 analysts and traders conducted over the last two weeks returned an average gold price forecast for next year of $1,153 an ounce, 8 percent below the forecast returned by a similar poll in July.
This year gold is expected to average $1,165.50 an ounce, down from a forecast last quarter of $1,193 an ounce. In the year to date gold has averaged $1,177 an ounce, but it is expected to slip to $1,125 an ounce in the last quarter.
"The chief drivers for a continued abysmal performance in the gold price are mainly twofold: Fed rate hike expectations and disappointing global physical as well as investment demand," GFMS analyst Johann Wiebe said. "We expect the gold price to remain under pressure and record a new low before year-end." ...
... For the remainder of the report:
http://www.reuters.com/article/us-metals-gold-poll-idUSKCN0S91G220151015
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