Tuesday, March 8, 2011

Gold May Average Of 8% In 2011 To Investor Demand, Abar Says

Leve Lovers Bangles Yellow Gold DiamondGold prices may average 8 percent in 2011 to more than $ 1 320 an ounce, due to demand-driven investment risks associated with global economic growth and financial stability, an agency of the Government of Australia said.
The price may peak this year before declining in real terms, averaging about $ 975 an ounce in 2013 and then increase to $ 1 064 in 2016, said the Australian Bureau of Agricultural and Resource Economics and science. The appeal of the metal may weaken in the second half and in 2012 if the economy improves U.S. and increases the possibility of monetary tightening, he said.
"Default world economy over the next few years should lead to reducing the demand for speculative investment," said the report Abares. "Risk appetite more, such as shares and property is expected to grow."
Gold has risen about 5.7 percent last month to $ 1,408.07 an ounce of 04:38, Singapore time yesterday riots in North Africa and Middle East and the overthrow of the autocratic leaders of Egypt and Tunisia boosted demand for a haven. Bullion gained 30 percent last year, investors seeking to preserve their heritage against the debasement of currency.
World mine production to increase by 2 percent to 2,703 tons this year, according to the report. Mineral production in Australia could increase by 14 percent to 274 tonnes in 2010-2011, Newmont Mining Corp. $ 3,000,000,000 development of Boddington in Western Australia to the ramps, he said.

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