Gold Seen Extending Slide 12% by Second-Best Forecaster Gan
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Gold will probably drop at least a further 13 percent into next year as strength in the dollar keeps depressing prices, according to the second most-accurate precious metals forecaster in data compiled by Bloomberg.
Prices will decline to $1,000 an ounce or even lower depending on the pace of growth in the U.S. and global economy, said Barnabas Gan, an economist at Oversea-Chinese Banking Corp. in Singapore. Any improvement in demand from China and India, the world’s two biggest consumers, probably won’t be enough to reverse the slide, Gan said.