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Gold will keep falling to below $1,500 an ounce

COMMODITIES

Published 19/12/2011 | 05:00

Gold has lost 11pc of its value so far this month, fuelling fears it will enter a bear market
Gold has lost 11pc of its value so far this month, fuelling fears it will enter a bear market

GOLD prices will fall below $1,500 (e1,150) an ounce over the next three months and are unlikely to re-test September's all-time highs until later in 2012 at the earliest, according to a Reuters poll of 20 hedge-fund managers, economists and traders.

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The bleak forecast, coming after gold lost 11pc of its value so far this month, is likely to fuel fears that bullion is close to ending its more than decade-long bull run and entering a bear market.

Almost half of respondents predicted bullion would fall to $1,450 an ounce in the first quarter next year, with three seeing prices as low as $1,400 an ounce.

Irish Independent

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