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'Investment demand in gold to drop 3% in 2013'

Safe-haven bids weaken as economic gloom seen lifting

Reuters  |  New York 

The average price of gold is expected to fall in 2013 for the first time in 11 years, as fears of catastrophic market events fade, prompting investors to scale back bullion purchases, commodities research and consultant CPM Group said. In its report released today, the New York firm said it expects net buying by gold investors to drop for a second consecutive year and weigh on bullion prices, even though gold fabrication and central-bank demand will rise this year. CPM Group did not put a figure on gold's overall percentage price fall. In 2012, the price of the yellow metal rose ...

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First Published: Tue, March 26 2013. 22:40 IST