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TD Securities drops gold price forecast

Stockhouse Editorial
0 Comments| June 27, 2013

TD Securities sees further downside for gold after the contract for August delivery dropped $18.20 an ounce on Thursday to close at $1,211.60.

The Canadian investment firm lowered its average forecasts to $1,275 an ounce for the third quarter and US$1,200 for the fourth.

On the spot market, gold was down US$23.17 Thursday to US$1,203.22.

TD now expects the yellow metal to average $1,150 in the second quarter of 2014 before a recovery to $1,250 in the final quarter of 2014.

The full-year forecasts are $1,380 for 2013 and $1,188 for 2014.

Gold came under renewed pressure Thursday as the U.S. dollar resumed its recent rally, and investors looked ahead to a possible easing of the U.S. Federal Reserves’ $85 billion per-month bond buying program.

On the stock market front, Barrick Gold Corp. (TSX: T.ABX, Stock Forum) (NYSE: ABX, Stock Forum) clawed back some ground after falling 8.3% to $15.50 on Wednesday. The stock was up 1.8% to $15.78, leaving the Toronto-based gold miner with a market cap of $15.8 billion, based on over one billion shares outstanding.


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