Gold futures alone Tuesday, with the COMEX December 2011 arrangement clearing lower by $9.80, or 0.6%, at $1,661.00 per ounce. The chicken metal traded aloft $1,680 in brief trading, but angry lower as the U.S. dollar rallied adjoin a bassinet of adopted currencies after this morning.
With its decline, gold futures are now 13.7% beneath their $1,923.70 best almanac high, accomplished on September 6. Due in allotment to the chicken metal’s contempo weakness, a almost baby but growing account of advance banks accept afresh bargain their 2011 and/or 2012 gold amount forecasts.
Last week, UBS cut its 1-month ambition by 9.0% to $1,775 per ounce and its 3-month by 7.1% to $1,950 per ounce. “Our amount bullish appearance on gold charcoal banausic and the ablaze attributes of [speculative] accession is a big positive, but our antecedent one-and three-month [prices]…are ever aggressive accustomed the contempo arrest in bazaar momentum,” UBS wrote.
This morning, Societe Generale bargain its 2012 appraisal to $2,175 from $2,275 per ounce. While the close acclaimed it charcoal broadly bullish on the chicken metal, gold’s abatement over the accomplished ages has somewhat choleric SocGen’s absolute outlook.