ANZ cuts 2014 precious metal price forecasts

Nov 29, 2013 10:19 GMT   Source: Reuters

Fri, 29 Nov 09:45:00 GMT
(Adds details)
 
Nov 29 (Reuters) - ANZ cut its precious metal price forecasts for 2014 on Friday, citing softer-than-expected demand and negative market sentiment.
 
"Market indicators point to a mildly bearish near-term outlook. Physical demand is solid, but not bullish enough to spark significant short-covering," ANZ analysts said in a research note.
 
"Market sentiment remains less than encouraging, as shorts have increased positions and prices make new short-term lows."
 
The bank cut its average 2014 gold price forecast to $1,269 per ounce from $1,436.
 
ANZ left its long-term baseline gold price forecast unchanged at $1,450 per ounce.
 
The bank cut its 2014 average prices for silver , platinum and palladium to $20.1, $1,506 and $783, from $25.0, $1,583 and $820, respectively.
 
 
(Reporting by NR Sethuraman in Bangalore; Editing by Dale Hudson)
 
((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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