British analysts: Gold price will soon reach $1,500 per troy ounce
Azerbaijan, Baku, April 7 / Trend, A. Badalova /
Gold price standard will reach $1,500 per troy ounce in the third quarter of 2011, analysts of Capital Economics, one of Britain's leading consulting companies on economic research, predict.
"Tension in North Africa, the weakening of the dollar rate and investors' concerns about the prospect of inflation continues to exert upward pressure on the price of gold, which in March reached an all-time high level," Capital Economics analysts' report says.
Debt problems in European countries have become the main motive factor for gold prices since early 2010. Over the past year the price of gold has increased by an average 30 percent.
Investors' concerns about the deepening debt crisis became the main cause for increasing the gold standard to a historic high, at $1,458 per troy ounce.
An unstable political situation in the Middle East and North Africa, as well as the consolidation of the euro rate relative to the dollar amid expectations of the European Central Bank increasing interest rates this week, continue to support demand for gold. Capital Economics analysts forecast a rate increase by the ECB by 25 points to 1.25 percent.
According to Capital Economics analysts, the average gold price in the second quarter of 2011 will hit $1,450 per troy ounce, and in the fourth quarter - $1,600 per troy ounce.
British analysts forecast an average gold price at $ 2,000 per troy ounce in 2012.