Gold ‘Guru’ Gives Long-Term Forecast, Indian Gold Bullion 2.1% Lower

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Gold Prices Going Up

Jeff Nichols, Managing Director of American Precious Metals Advisors, had a rather sour outlook on gold price trends lately, as all gold prices on the MetalMiner IndX rose over the past day.

“Longer term, Nichols reckons that over the next three to five years the demand from Asia and, also from Central Banks which have been buying gold rather than selling it over the past couple of years, will actually be sufficient to drive the gold price higher regardless,” according to a Mineweb article spotlighting his forecast.

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However, Goldman Sachs thinks gold will end up around $1,050 per ounce by year-end.

Following two days of increases, the price of Indian gold bullion dropped by 2.1 percent to end at INR 28,017 ($470.91) per 10 grams on Thursday, May 15. After a 0.8 percent increase, US gold bullion finished the day at $1,306 per ounce. The price of Chinese gold bullion increased 0.6 percent to CNY 261.17 ($41.93) per gram. The price of Japanese gold bullion steadied at JPY 4,249 ($41.73) per gram following two-days of increases.

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The price of Indian silver declined 1.7 percent to INR 43,038 ($723.39) per kilogram. At $19.75, the price of US silver finished the market day up 1.1 percent per ounce. Chinese silver saw its price rise 0.7 percent to CNY 4,180 ($671.02) per kilogram. Japanese silver prices rose 0.3 percent to JPY 639.00 ($6.28) per 10 grams.

US platinum bar prices inched up 2.0 percent to $1,477 per ounce. Prices for Japanese platinum bar have gained rising momentum since Friday, May 9. The metal settled at JPY 4,793 ($47.08) per gram after climbing 1.2 percent. Chinese platinum bar saw its price rise 0.6 percent to CNY 310.00 ($49.76) per gram.

US palladium bar prices inched up 1.4 percent to $825.00 per ounce. Chinese palladium bar finished the day up 1.1 percent to CNY 186.00 ($29.86) per gram. The price of Japanese palladium bar showed little movement on Thursday at JPY 2,633 ($25.86) per gram.

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