gold price forecast march 2012

gold price forecast march 2012 ; gold had shot up to $1,900.23 an oz in London on September 5, due to the mounting global inflationary pressure. But, the price declined to $1,545.97 an oz on December 29. The metal again turned bullish, to trade at $1,772.45 yesterday. Traders forecast the metal to touch $1,800 an oz this week. World Gold Council MD (investment) Marcus Grubb, however, says gold would get support from high demand from Asia, led by China and India.

China reported a 20 per cent rise in annual gold demand in 2011 to 769.8 tonnes and the trend is likely to continue this year too. The country is set to emerge as the largest gold market in the world for the first time in 2012. The long-term fundamentals for gold remain strong, with a diverse and growing demand base, coupled with constrained supply-side activity.

Gold is likely to test record high next month on concerns that heightened tensions between the West and Iran might worsen, prompting investors to buy the yellow metal to hedge risk

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