By Paul Ploumis (ScrapMonster Author)

October 21, 2015 05:30:48 AM

Participants in LBMA annual conference expects modest change in gold prices during the course of next one year.LBMA Delegates See Modest Change In Gold, Gains For Other Metals In Next Year

(Kitco News) - Participants in the London Bullion Market Association’s (LBMA) annual conference look for gold prices to change modestly by the time the event begins next year, but for other precious metals to be higher.

At the close of the second day of this year’s conference in Vienna, Austria, delegates collectively forecasted that the LBMA gold price would be $1,159.88 an ounce at the start of the 2016 conference in Singapore, scheduled next Oct. 17. LBMA officials said this suggested that the conference presentations had left delegates with a slightly more bearish outlook than at the start of the first day, when participants forecasted gold would be $1,216.47 by the time the 2016 conference rolls around.

As of Friday, prior to the start of this year’s conference, the afternoon gold fixing was $1,180.85.

Conference delegates forecasted at the end of the second day of this year’s conference that when the event kicks off next year, the LBMA silver price will be $18 an ounce, up from $16.04 on Friday; platinum will be $1,072, up from $1,007; and palladium will be $844, up from $703.

Courtesy: Kitco News