Gold Average $1221 in 2016 Forecast by Macquarie

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Gold Average $1221 in 2016 Forecast by Macquarie

Gold Silver Reports — Banking firm Macquarie has lifted its 2016 gold forecast but decided to keep it below spot price. Gold is likely to average $1,221 in 2016 and $1,251 in 2017, according to the latest forecast by Macquarie.

However, the yellow metal may witness a low in the fourth quarter of the year after the US presidential election, says the bank. Macquarie, however, predicts a rally in 2017 and has decided to leave its forecasts unchanged from this point.

The bank expects a rate hike from the US Federal Reserve sooner rather than later. Macquarie has kept the gold price forecast below current spot levels as it believes the US economy is not in as bad a shape as feared. — Neal Bhai Reports