Fed rate rise won't stop gold's recovery next year: ANZ
Singapore
GOLD prices will recover next year as demand in China and India improves, according to Australia & New Zealand Banking Group, which forecast an advance for bullion even as the Federal Reserve raises interest rates.
The precious metal will climb to US$1,280 an ounce by the end of 2015, rising each quarter, strategists Victor Thianpiriya and Mark Pervan wrote in an e-mailed report dated Dec 17. The forecast for end-2016 is US$1,420, according to the report.
Gold is little changed this year after slumping 28 per cent in 2013 as investor holdings contracted, the dollar rallied and policy makers prepared to boost rates. While Goldman Sachs Group sees further losses, ANZ's prediction for a recovery follows a forecast by TD Securities that gold will rebound in 2015 after investors pr…
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