Thomson Reuters GFMS: Gold to Average $1,100 in Q4

Thomson Reuters GFMS published its “Gold Survey 2015: Q3 Update and Outlook.” According to the firm, the gold price averaged $1,124 per ounce during the period, slightly underneath its forecast of $1,135.
In Q4, GFMS sees the gold price averaging $1,100, down $75 from its earlier forecast. For 2015 as a whole, the firm is calling for an average gold price of $1,159.
Other key points from the report are as follows:

• Physical gold demand was up by 7% year-on-year in the third quarter, thanks to an increase in net official sector buying and a stellar level of retail purchases of bars and coins.
• Jewellery fabrication was marginally lower year-on-year, as higher demand in India was offset by a slow recovery in Chinese offtake, although at least it was not as bleak as in the first half.
• Total gold supply was slightly higher in the third quarter, largely thanks to a 3% increase in global scrap supply, while mine production remained broadly flat, compared to a year ago.

Click here to download the report.