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Gold price to
rise steadily in 2002 - Aussie bank
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Posted: 02/20/2002 07:00:00 AM
| © Miningweb 1997-2001 |
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CANBERRA - The price of gold will
rise steadily through 2002 within a broad range of $280 to $330 an ounce,
Commonwealth Bank of Australia said Wednesday.
Dow Jones reports in a monthly review of the global market, the
bank forecast the spot price will average $285/oz this calendar quarter,
$295/oz next quarter, before rising to $305/oz in the calendar fourth
quarter, up from an actual $276/oz average in the 2001 last
quarter.
Gold should find support at $289/oz and then retest $300,
Commonwealth Bank said. But if it fails to hold $289 then that suggests a
move to $284 is likely, it added.
Commonwealth Bank says gold
should trade in a $280-$330 range over the next 12 months.
Jitters on Japanese
financial markets should help underpin consumer demand there, while
reduced producer hedging and sluggish mine output will also help support
prices, it said.
But producer and central bank selling should cap prices
at $330, it said. |
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