Gold Price "Could Fall this Year for First Time Since 2001"

THE AVERAGE Dollar gold price this year may be lower than that of the previous year for the first time since 2001, according to a leading precious metals analyst.

Jeffrey Christian, managing director of precious metals consultancy CPM Group in New York, says gold may average $1565 an ounce over the course of 2013, compared to $1668.75 last year.

"The global economy is likely to muddle along," says a statement from CPM, which launched its 'Gold Yearbook 2013' this week, adding that "present [positive] sentiment has reduced the urgency [felt by investors to buy gold]."

Bank of America Merrill Lynch meantime trimmed its 2013 gold price forecast this week to $1670 an ounce, down from the $1680 to which it was cut only weeks earlier. A number of other major banks have also cut their gold price forecasts since the start of the year.

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