Prices for precious metals will reverse the sinking trend they've demonstrated thus far this year as gold bullion will average more than $1,500 per troy ounce and reach a top value that approaches $1,800 per troy ounce, Bloomberg reports a Switzerland-based financier predicts.
Concerns for the European debt crisis continuing and deepening prompted the euro to lose value against the U.S. dollar. A Wednesday report from MKS Finance of Geneva predicted the average price of gold bullion in 2011 will be $1,502 per troy ounce and the precious metal will soar as high as $1,780 per troy ounce.
"Improving economic data appear to provide just some short-term weakness for gold," Chris Kwon, a trader at KTB Securities in Seoul, told Bloomberg. "Overall, the uptrend remains intact as the U.S. economy is not in a full recovery yet and interest rates remain low."
The price of silver for immediate delivery slipped 1.6 percent in London to $29.27 per troy ounce. Palladium dropped 3.2 percent to $753.78 per troy ounce and platinum fell 2.6 percent to $1,712.75 per troy ounce.
"Economic data has improved in the last few days," according to a report by Tom Pawlicki, an analyst at MF Global Holdings in Chicago. "We would still say that the economic recovery is immature. Any signs of economic slowdown could quickly boost metals prices once again."
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