Fri, 29 Nov 09:45:00 GMT
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)
((firstname.lastname@example.org)(Within U.S. 1-651-848-5832, Outside U.S. +91 8067491298)(Reuters Messaging: email@example.com))