Thomson Reuters GFMS Increases Annual Gold Price Forecast

Thomson Reuters released its GFMS Gold Survey 2015 Q2 Update and Outlook and increased its forecast for average annual gold price tp $1,180 per ounce, $10 higher thank its previous prediction.
As quoted in the market news:

Prices in the second quarter averaged $1,192/oz against an early April poll by Reuters of 35 forecasters that predicted $1,195/oz. Since then there has been a sell off as investor sentiment has remained negative and substantial shorting of the market has taken place. It remains our view that a US rate hike this year is already priced into the market and that an increase could well prompt review of asset allocations that leads to an increase in gold holdings. For Q3 2015 we forecast an average price of $1,135, which is forecast to be the nadir before a $1,175/oz average in Q4.
This brings an annual average of $1,180/oz in 2015, $10/oz higher than our previous forecast. Strength is forecast to continue in our base case with 2016 averaging $1,250/oz. Full 10-year forecasts under three economic scenarios are available exclusively on Thomson Reuters Eikon.

Click here to read the full GFMS Gold Survey 2015 Q2 Update and Outlook.