Gold prices could trade as high as $1,300 a troy ounce next year if the US dollar's decline accelerates and doubts about its status as the world's principal reserve currency continue to increase, says James Steel, chief commodities analyst at HSBC.
Mr Steel has just raised HSBC's average 2010 gold price forecast from $950 an ounce to $1,150 an ounce.
“The likelihood that the dollar will remain on the defensive supports the view that gold is unlikely to trade below $950 an ounce for any significant length of time,” says Mr Steel.
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