Thursday, January 3rd 04:25 PM IST

Credit Suisse terms Gold a "wounded bull"

# Credit Suisse  # gold forecast  # gold prices  

Credit Suisse cut its forecast for gold by over 5 per cent to $1,740 per oz from $1,840 and that of silver to $32.20 an ounce from $33.10 an ounce.

LONDON(BullionStreet): Investment bank Credit Suisse lowered it's 2013 average price forecasts for gold and silver.

Credit Suisse cut its forecast for gold by over 5 per cent to $1,740 per oz from $1,840 and that of silver to $32.20 an ounce from $33.10 an ounce.

Credit Suisse describe gold as a “wounded bull".

In a statement the bank said "If our central macroeconomic case (the acute phase of the global crisis is probably over; slow improvement in growth through second half of 2013) proves to be correct, then the relative appeal of gold is likely to diminish as fear trades fade."

The bank expects ample supply due to growth in primary producers in Latin America and the United States; as a byproduct of expanding zinc-lead operations in Latin America, Turkey, Russia and China; and potentially from large new gold-silver and copper-gold projects such as Pascua-Lama and Oyu-Tolgoi.

The bank also revised its 2013 price outlooks for various base metals.

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