Wednesday April 8, 01:53 PM
REFILE-JPMorgan hikes 2009, 2010 gold, silver price views
LONDON, April 8 (Reuters) - JPMorgan has raised its gold
price forecasts for 2009 and 2010, citing prospects for
inflation and weakness in the dollar as supportive factors for
the precious metal.
It also raised its outlook for silver prices. It now sees
silver averaging $13.90 an ounce in 2009, against a previous
forecast of $11.00, and $13.40 in 2010, against $10.00.
The bank lifted its 2009 price view for gold to $960 an
ounce from $831 previously, and its 2010 forecast for the
precious metal to $950 an ounce from $825.
'Investment demand continues to act as an offset, to some
degree, to a very weak physical market in precious metals, gold
in particular,' the bank said in a research note.
'Inflation and / or U.S. dollar weakness do however need to
materialise to justify gold above $1,000. In the meantime, the
threat of these factors will support prices.'
Spot gold was quoted at $886.30/887.80 an ounce at
1117 GMT.
CALENDAR AVERAGE FORECASTS
2009 2010 2011 LT Real
Gold New 960 950 900 850
Old 831 825 780 750
Silver New 13.9 13.4 10.5 10.0
Old 11.0 10.0 10.0 10.0
(Reporting by Jan Harvey; Editing by Peter Blackburn)
Keywords: PRECIOUS JPMORGAN/
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