Azerbaijan, Baku, July 22 / Trend A. Badalova /
Analysts one of British leading consulting firms for Economic Research Capital Economics expect the fall in gold prices up to $ 1,000 per ounce by late 2010.
"The recent fall in prices to their lowest level in two months hits $1,200 per ounce, is proof of our skepticism about market forecasts involving their growth up to $1,400 per ounce," the report of analysts of the bank said.
Over the past two months (May, June) gold prices reached a level above $1,230 per ounce amid concern about slowing of global economic recovery due to debt problems in the eurozone. In July, the price for gold has fallen.
As a result of trading on the COMEX (Division of the New York Mercantile Exchange) on Wednesday, July 21, the cost of the August gold futures increased by $0.1 up to $1,191.8 per ounce.
According to British analysts, the price for gold in the next two years will show a downward trend. Analysts predict the price for gold at $950 per ounce in 2011 and 2012.
U.S analysts, as opposed to European, are more optimistic in their forecasts for prices for the precious metal.
According to U.S. bank JP Morgan analysts, recovery in gold prices will be observed in late 2011. They will hit $1,275 per ounce in the fourth quarter.
Following 2010, U.S analysts forecast the average price for gold at $1,197 per ounce. In 2011, analysts expect growth in the average gold price at $1,250 dollars per ounce.