Banking giant JP Morgan had expected gold prices to average around US$1,325 while Bank of America had predicted it to rise an average of US$1,296. In a November report, Swiss private bank Lombard Odier noted that given the current investment environment, gold had become a “necessity rather than an optional allocation”.
SINGAPORE (Jan 17): In the second half of last year, investors sought refuge in safe haven assets as macroeconomic uncertainties and market turmoil continued.
But gold prices defied gain expectations, rising to some 18.3% over the course of the year to cross more than US$1,500 ($2,020) per ounce. It is set to be shinier this year, with some expecting the prices to be higher than the 2011 peak of US$1,920.
