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HSBC has raised its 2016, 2017 average gold price forecasts to $1,275 per ounce and $1,310 an ounce respectively. And, forecast $1,270 an ounce for 2018.
After three years on the backburner, investment demand is again setting the tone and direction for gold prices, it said.
HSBC said investment demand is driving prices and reflects the uncertain macro backdrop, dovish outlook for US interest rates, and appeal of gold in a negative rate environment. These factors will provide support, but the rally may be limited.
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