In a research note sent to clients late Wednesday, HSBC reduced its 2012 average gold price forecast to $1,850 an ounce from $2,025 an ounce. HSBC precious metals analyst James Steel noted “likely global deflationary pressures due to contractions in the banking industry and deleveraging” as the primary cause for its pared back gold price estimates. Still, HSBC said it is bullish on gold in 2012 and maintains its positive view on the precious metal.
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