Gold may rise to $1,347 an ounce in a year

UNITED KINGDOM October 20 2016 8:28 AM
LONDON (Scrap Register): Gold will rise to $1,347 an ounce during the next year, according to a poll of attendees after the London Bullion Market Association’s annual conference in Singapore this week.

If so, that will mean a rise of 6% from the spot price of $1,270.35 around 8 a.m. EDT Wednesday.

The LBMA asks audience members where they think each of the precious metals will go as of the 2017 LBMA conference, which is scheduled for Oct. 15-17 in Barcelona.

Participants were most bullish about silver over the next year, the LBMA pointed out. The average of forecasts was $20.90 an ounce, which would be an increase of 18% from the early-morning price of $17.73.

LBMA attendees collectively see platinum rising to $1,053.30 and palladium climbing to $752.50. Around 8 a.m. EDT, these metals were at $944.50 and $640.75, respectively, meaning LBMA forecasters see rises of 12% and 17%.

More than 700 delegates, representing 34 countries, attended the 2016 conference, the LBMA reported.