Scotia Capital Cuts Gold Forecast for 2013 to $1,400/oz

Precious Metals

Mineweb reported that Scotia Capital has dropped their gold price forecast to $1,400/oz, citing a variety of factors, including a strengthening dollar.

Mineweb reported that Scotia Capital has dropped their gold price forecast to $1,400/oz, citing a variety of factors, including a strengthening dollar.

As quoted in the market report:

We are adjusting our gold price background for 2013 given year-to-date actual pricing ($1,515/oz). Short term, the gold price faces headwinds with the strengthening of the U.S. dollar…and more positive sentiment toward the global economic outlook,” said the analysts. “This has resulted in gold’s role as a ‘safe haven’ changing somewhat, and outflows have been evident both in the gold ETFs and Comex positions. We believe this sentiment will continue into 2014.

To view the whole Mineweb report, click here.

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