Thursday, October 29th 09:19 PM IST

Gold to average $1,215 an ounce during 2016: Barclays

# Gold News  

Barclays maintains their price forecast of $1,170 an ounce for Q4 and $1,215 an ounce for 2016. Barclays believes that in the current price range, gold will trade based on U.S. data, with the physical balance largely unchanged.

NEW YORK (Bullion Street): Analysts with Barclays still look for gold to average $1,170 an ounce in the current quarter and $1,215 an ounce next year.

“Gold is at the mercy of the U.S. rate decision amid an uneventful physical market,” the bank says.

The Federal Open Market Committee did not hike rates, as many once expected, in September and the timing of the first hike remains uncertain. Since that meeting, a number of U.S. economic readings have been soft, pushing down rate expectations and the U.S. dollar.

Barclays calls for the first hike in March, adding that gold should find support if there is no Fed rate move in December. Otherwise, Indian and Chinese jewelry demand has been softer, the bank adds.

Barclays maintains their price forecast of $1,170 an ounce for Q4 and $1,215 an ounce for 2016. Barclays believes that in the current price range, gold will trade based on U.S. data, with the physical balance largely unchanged.

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