Gold likely to average $1,350 an ounce in 2017

UNITED STATES September 22 2016 5:25 PM     

NEW YORK (Scrap Register): Societe Generale  maintained its fourth-quarter gold forecast at $1,350 an ounce, citing  slower-than-expected interest rates hikes in the US and resurgent investor  interest.

SocGen analysts in a report forecast gold prices to average  $1,350 an ounce in Q4 and $1,375 an ounce in Q1 2017, with gold prices expected  to average $1,350 an ounce in 2017.

French investment bank SocGen  maintains a medium-term constructive view on the commodity complex, as the  rebalancing process between supply and demand is gaining momentum.

They  forecast a moderately higher gold price during the remainder of the year with a  Q4 2016 price forecast of $1,350 as their economists expect a slow pace of Fed  tightening with the next rate hike likely at the December meeting.