Gold Prices Seen Falling Below US$1,500 an Ounce Over Next 3 Mos: Reuters poll
Gold prices will fall below US$1,500 an ounce over the next three months and are unlikely to retest September's all-time highs until later 2012 at the earliest, according to a Reuters poll of 20 hedge fund managers, economists and traders.
The bleak forecast, coming after gold has lost 11% of its value so far this month, is likely to fuel fears that bullion is close to ending its more than decade long bull run and entering a bear market, Reuters said.
Almost half of respondents predicted bullion will fall to US$1,450 an ounce in the first quarter next year, with three seeing prices as low as US$1,400 an ounce.
The forecasts come after a dismal performance last week when prices hit a 2.5 month low of US$1,560 and gold lost its safe haven status.
Selling was fuelled by a scramble by hedge funds for cash to meet client redemptions at the end of a difficult year and a run for cash by European banks seeking to raise capital.
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