Gold prices are forecast to average $1,457 an ounce during 2011, a
19% increase over the 2010 average, according to an annual survey of
analysts released by the London Bullion Market Association Friday.
Analysts collectively predicted silver will average $29.88 an ounce, which would be a 48% increase on the 2010 average price.
The 2011 average platinum price was forecast at $1,813, a rise
of 12.6% from the 2010 average. For palladium, the 2011 prediction was
$814.65, a 54.8% increase from the 2010 average.
Twenty-four analysts took part in the LBMA survey, listing
their estimates for the high, low and average prices for the precious
metals in 2011, based on London fixings.
The average gold forecast of $1,457 is in line with the
forecast of $1,450 made by delegates to the 2010 LBMA Precious Metals
Conference held in Berlin in September.
For gold, the average 2011 high forecast for the year was
$1,632 and the average low was $1,268. The comparable figures for
silver were $38.36 and $22.93.
For platinum, the average high forecast for the year was $2,015
and the average low was $1,598. The comparable figures for palladium
were $993.35 and $631.17.