Bank of America Merrill Lynch wasn’t the only investment bank to offer a downbeat outlook on gold prices. HSBC, Barclays and MKS were on the bandwagon too. Analysts at HSBC lowered their average gold-price GCG4 forecasts — to $1,292 an ounce from $1,435 for 2014 and to $1,310 from $1,395 for 2015. They “see scope for only a modest recovery in gold prices and see the metal trading in a wide range of $1,105 to $1,390 this year.
On Thursday, gold settled higher for the first time in four sessions, rising $3.9 to $1,229.40 an ounce. MKS Group analysts said gold will likely strengthen in the first half of this year on the back of physical demand for the metal, but there’s limited upside potential……………………………..Full Article: Source