The price of gold will still rise this year, but not as much analysts originally projected, according to a Reuters poll of metal investors.
The news agency said the forecasters’ median spot price for 2012 has been cut to $1,685 an ounce—down from the $1,750 originally projected at the end of the first quarter, and substantially down from the $1,765 forecast at the start of the year. Gold prices have averaged just over $1,640 so far this year.
Gold prices have been flat for most of the year. At press time, the metal was trading at $1,578 an ounce, less than the $1,598 it hit on the first day of the year.
Forecasters do expect the gold price to hit $1,677.50 in the third quarter and to cross the $1,700 barrier to hit $1,750 in the fourth.