Gold Seen Losing 22% by Westpac’s Smirk to End Year at $1,025
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Gold will decline 22 percent through 2014 to end the year at $1,025 an ounce as the U.S. Federal Reserve scales back stimulus and inflation remains subdued, according to Westpac Banking Corp.
Bullion is going to underperform other commodities as the U.S. central bank reduces the bond purchases, Justin Smirk, the second most-accurate gold forecaster tracked by Bloomberg in the past two years, told reporters in Singapore. Prices will drop to $1,175 by the end of June and $1,090 at the end of September, said Smirk, senior economist at the Sydney-based bank.