The overall sentiment towards the yellow metal will turn increasingly bearish next year and the prices are likely to hit below $1,000 by March, analysts have said.
According to ABN Amro’s forecasts, the price of the bullion will trade hands at $1,000 an ounce by December this year. Prices will fall further in the coming year, with the rate hitting as low as $800 by December 2016.
“Predicting the future is always speculative. But with the current information that we have today, we feel that gold we will trade in the average range of $900 to $1,100.If there is a major macro economic change, anything is possible including gold going back to a bull run.”