| Gold prices may plunge to $800 an ounce by the end of next year as investors are likely to turn extremely bearish on the yellow metal prices amid a strengthening US dollar. The prices of precious metal are estimated to fall to $1,000 an ounce by December this year, from the current level of $1,140 an ounce, according to ABN Amro.
A sharp decline in prices is likely to be led by a possible interest rate hike by the US central bank this year, apart from metal losing its sheen as a safe-haven asset. "We are of the opinion that gold's safe-haven status has been reduced significantly," Gulf News quoted the bank, as saying...............................................Full Article: Source
|