| Citi revised upward its 2016 gold forecast because of fears that China’s slowdown will spread to other parts of the globe, tensions in the Middle East and slumping equities around the world. The bank now expects prices to average $1,070 this year, a 7.5-percent upgrade on previous expectations. The spot gold price recently traded at $1,095.40/1,095.80 per ounce, down $3.50 on the previous close.
“Gold’s safe-haven rationale is back in vogue for the time being on fears of further China macro contagion, whipsaw equity markets, and geopolitical issues in the form of rising Arabian Gulf tensions,” the bank said...............................................Full Article: Source
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