Thomson Reuters GFMS anticipates that investment demand and monetary stimulus would push gold prices higher for the next three quarters, Rapaport reports. In an update to its Gold Survey report from April, Thomson Reuters GFMS expects gold to challenge the $1,800 per ounce mark before the end of 2012 and trade at or above $2,000 per ounce within the first six months of 2013 before entering a decline.
GFMS predicts that gold investment demand will rise 3.1 percent for the second half of 2012. However, gold demand from jewelry makers fell 13 percent year on year during the first six months of 2012, primarily due to weak demand out of India, and the group expects a 4.4 percent decline for the second half.
GFMS analyst Philip Klapwijk said that gold prices were on ''pretty safe ground'' as prices remain firm. But he cautioned too that gold was in for a bumpy ride, especially if concerns from the eurozone intensify or if the U.S. Federal Reserve backs down from a hint it would take more quantitative measures.
However, the metal is trading nearly 10 percent below the level from one year ago.
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