In light of recent weakness in the price of gold, BNP Paribas has scaled back its gold price forecast for 2012 and 2013.
BNP’s new targets for gold prices are: $1,775 per ounce in 2012 and $2,150 per ounce in 2013 on an average price basis. Its previous gold price views for 2012 and 2013 were $2,025 and $2,280, respectively.
Despite the minor adjustment in price expectations, BNP Paribas remains constructive on future gold prices and reiterated its view that gold will see new highs in the next one-to-two years.
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