HSBC cut gold price forecast for 2012 to USD1,760 per ounce

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Source: Marketwatch
HSBC reduced its average gold price forecast for 2012 and 2013, citing the weakness of India's jewelry sector and fading hopes for the third round of quantitative easing in the US. The bank projects the gold price to average near 1,760 US Dollars per troy ounce in 2012 and near 1,775 US Dollars per troy ounce in 2013 as compared to 1,850 and 1,800 US Dollars per troy ounce previously expected. 


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