HSBC cuts 2013, 2014 platinum price forecasts

Nov 25, 2013 01:31 GMT   Source: Reuters

Fri, 22 Nov 14:44:00 GMT

 
Nov 22 (Reuters) - HSBC on Friday lowered its previous platinum price forecasts for 2013 and 2014, saying the metal has been increasingly affected by the plunge in the gold prices.
 
"Based on tighter fundamentals, we believe platinum will increasingly decouple from gold prices in 2014 and trade higher, regardless of movements in gold, HSBC analysts said in a note on Friday.
 
The bank cut its 2013 platinum price forecast to $1,500 per ounce from $1,580 and to $1,625 from $1,725 in 2014.
 
HSBC maintained its 2013 and 2014 palladium prices at $750 and $825 per ounce.
 
 
(Reporting by NR Sethuraman in Bangalore; Editing by Steve Orlofky)
 
((nallur.sethuraman@thomsonreuters.com)(Within U.S. 1-651-848-5832, Outside U.S. +91 8067491298)(Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

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