Gold Price To Average $820/oz In 2009: Barclays

摘要

Amid the gloom of falling prices, gold prices have held up relatively well, falling by only one-fifth from their peaks, compared with the 60% falls seen in the more industrially oriented precious metals, according to Barclays Capital's Commodity Refiner. But current market conditions are not as favorable for another major rally, the report said, forecasting a 2009 average price of $820/oz.rn"If one was asked to describe the perfect scenario for gold prices to rally and set fresh highs, it would include many of the dynamics in play today, but in general gold has disappointed recently, failing to challenge the peaks of over $l,000/oz hit in the first quarter of 2008," said Barclays. "[However,] three key factors have held prices back. First, the dollar is stronger compared to the record lows against most major currencies reached in the first seven months of the year. Second, oil prices have fallen from their record highs. Third, inflation expectations have turned to deflationary fears."