Deutsche Bank Tuesday cut its outlook on gold prices for this year and next, citing mounting headwinds from a strengthening dollar, improving U.S. growth and an increasing appetite for equities over commodities.
The bank reduced its 2013 average
gold forecast by 11.8% to $1,637 a troy ounce, and trimmed its 2014
forecast 4.7% to $1,810/oz. Spot gold currently trades at around
$1,574/oz on the European spot market.Deutsche Bank also downgraded its view on silver prices for this year and next, reducing its 2013 forecast by 16.5% to $31/oz and its 2014 outlook by 10.1% to $34/oz.
Deutsche Bank also cut its base metal forecast for this year, based on its expectations for subdued global consumption growth.
For 2013, the bank cut its aluminum outlook by 4.2% to $2,035/ton; trimmed its copper outlook by 3.2% to $7,865/ton; cut its lead forecast by 1.6% to $2,152/ton; and reduced its nickel forecast by 5.1% to $16,844/ton. It also cut its tin outlook for this year by 3.2% to $22,146/ton and cut its zinc outlook 5.7% to $2,051/ton. Deutsche Bank also trimmed its 2014 forecast for aluminum, lead, nickel and zinc.
Source by Commodity Insights
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