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))

Share:

Related News

  • Post a Comment

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For news cooperation issue, please contact us by email:smmweekly@smm.cn
Copyright © SMM. All Rights Reserved

SMM Publication

China Steel Briefing 20150828 China Steel Briefing 20150828
The People's Bank of China (PBOC) announced cuts in interest rate and...

SMM Events

2015 SMM China (First) Antimony Market Trading Summit 2015 SMM China (First) Antimony Market Trading Summit
Antimony prices fluctuated wildly in 2015. Prices continued to hit...