GFMS claims demand for gold is weak, sees price falling this year


Gold, Silver Set for More Pain into 2016, Poll Says

By Jan Harvey
Thursday, October 15, 2015

LONDON -- Gold prices are expected to post another year of losses in 2016, with more pain still in store for the precious metal this year after a weak third quarter, a Reuters poll showed on Thursday.

The survey of 38 analysts and traders conducted over the last two weeks returned an average gold price forecast for next year of $1,153 an ounce, 8 percent below the forecast returned by a similar poll in July.

This year gold is expected to average $1,165.50 an ounce, down from a forecast last quarter of $1,193 an ounce. In the year to date gold has averaged $1,177 an ounce, but it is expected to slip to $1,125 an ounce in the last quarter.

"The chief drivers for a continued abysmal performance in the gold price are mainly twofold: Fed rate hike expectations and disappointing global physical as well as investment demand," GFMS analyst Johann Wiebe said. "We expect the gold price to remain under pressure and record a new low before year-end." ...

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