U.S. analysts expect recovery in price on gold

Azerbaijan, Baku, July 14 / Trend A.Badalova /

Analysts of the American bank JP Morgan expect a recovery in the price on gold in the fourth quarter of 2010 and forecast the average price at $1.275 per troy ounce. Earlier, the figure was forecasted at $1,200 per troy ounce.

Analysts expect the price on gold to reach to $1,300 per troy ounce in the last quarter of 2010. The figure may fall to $1,150 per troy ounce in the short term.

As a result of trading on COMEX on Tuesday, July 13, August gold futures increased by $14.8 to $1,213.50 per ounce, which is the highest mark in the last two weeks.

Analysts at JP Morgan forecast the average price on gold at $1,197 per troy ounce in 2010. The price on gold is projected to reach $1,250 per troy ounce in the third quarter.  Analysts expect the figure to reach $1,250 in 2011compared to $1,175 per troy ounce forecasted earlier.

The U.S. investment bank Morgan Stanley also significantly increased the forecasts on the price on gold. According to new forecasts, the average price on gold will amount to $ 1,200 per troy ounce in 2010 compared to $1,159 forecasted previously.

Bank of America-Merrill Lynch predicts the average price on gold to be $1,200 per troy ounce in 2010 and $1,350 per troy ounce in 2011.

JP Morgan forecasts for the price on gold for 2010-2011 (in $ / troy ounce)

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