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Gold’s Most Accurate Forecaster Raises 2011 Estimate

UniCredit SpA’s Jochen Hitzfeld, the most accurate gold forecaster tracked by Bloomberg in the last three quarters, raised his estimate for the metal’s average price next year by 12 percent to $1,400 an ounce.

Bullion will average $1,600 an ounce in 2012, Munich-based Hitzfeld said today in a report. He increased next year’s forecast from $1,250. Gold for immediate delivery traded at $1,249.75 at 3:45 p.m. in London, 1.2 percent below a record $1,265.30 reached on June 21.