Yellow Metal prices forecast changed by HSBC, Platinum remains unchanged
The New Year, 2013, has brought many speculations regarding about the “precious and favorite yellow metal”.
However, amid these speculations there are some major entities who have disclosed their attitude on the prices of gold.
The disclosures made by HSBC
HSBC has kept the average end price of gold at $1,675 in 2012. Now in 2013, the bank has cut the price to $1,760 an ounce from the previously proposed rate of $1,850 per ounce.
As of now, the Bank has made a proposal of keeping the prices at $1,775 for 2014 and the same could be kept as $1,675, per ounce in 2015.
The Bank has not made any alteration in the forecasts made for Platinum for the years to come.
Of course, there is a speculation made that the prices for silver would appreciate after experiencing a low trend in the year gone by.
Causes behind the conservative approach of the bank
Fiscal Cliff deal seems to be having a major impact on the prices. Investors who have been into the investment of Gold for ages now have shifted their choice and have chosen other sectors to pour their money into.
Fiscal Cliff includes the tax hikes and reduction in deduction facilities too. In the process, people do not want to choose a sector where they will have to pay high taxes and will not be able to enjoy the deductions too.
Dependence of Gold Market Recovery
The recovery of Gold market largely depends on the upcoming trend coming from the consumers in India. The trend will show a positive swing if there is a charged demand from Indian continent.
Experts are quite hopeful that “Gold Market” will improve in the New Year and a bullish trend for the yellow metal will be established in the market.
Gold has always been a market driving factor. The performance of Gold has been sound even in the times when the stock market has experienced immense turmoil’s.
Hence, in spite of the Bank coming up with the changes in the speculations it made before, things can take a turn for good depending on the sentiments all across the world, especially countries like India can turn around things depending upon the demand received by the consumers.