Gold Will Sink to $1,300, Says Australian Government

The price of gold will sink down to $1,300 an ounce in the coming years, according to a report from the Australian government’s Bureau of Resources and Energy Economics. 

While the price of gold has increased for the past 11 years, says the report, 2012 showed the lowest annual increase in more than a decade.

“Over the course of 2012, the gold price displayed a lower degree of volatility than in 2011, with the standard deviation in average daily prices in 2012 less than half that of 2011,” the report adds.

The report further forecasts that the gold price will decrease 4 percent in 2013 to roughly $1,638 an ounce. From 2014 to 2018, the report expects gold to continue to decline and to eventually hit $1,315 in 2018. 

It said these decreases will be fueled by gold becoming less popular as a safe haven, given increased confidence in the global economy.

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