Mubasher: BNP Paribas lowered gold forecast by $15 per ounce, expecting it to average $960 per ounce in 2016, according to the bank’s statement.
Gold’s secular downward trend is still entrenched, affected by the U.S. Federal Reserve’s plan to continue raising interest rates.
The bank expected gold to fall by $40 and average $860 in 2017.
Gold rose $5.01 in Monday’s trading session to reach $1089.90 per ounce.
