Gold to Leave Three-Year Rout Behind as Fed Rate Expectations Fade: Poll

by Jan Harvey

After three straight years of losses, analysts are finally prepared to say gold prices have found a bottom, with rising prices seen this year and next as concerns over the pace of U.S. monetary policy tightening fade.

Gold analysts polled by Reuters have hiked their forecasts for the precious metal by nearly $100 an ounce since the start of the year after it posted its biggest quarterly rise in nearly 30 years in the three months to March.

The survey of 30 analysts at banks and trading houses carried out this month returned an average 2016 gold price forecast of $1,209 an ounce, up from $1,118 in a similar poll in January. Last year, prices averaged $1,159 an ounce.

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