Bloomberg reports the forecasters cited two primary drivers of the precious metal's climb in value that they anticipate: the struggling economy and the ongoing, unresolved sovereign debt crisis victimizing Europe. Projections come from eight of the 10 best analysts during the past eight quarters of projections while two analysts opted out.
"There is a loss of trust in the entire financial system and urgent need for safe-haven investment," Ronald Stoeferle with Erste Group Bank in Vienna told Bloomberg. "The environment for gold is just perfect."
The precious metal is projected to gain as much as 12 percent by the end of March to notch record prices of $1,950 per troy ounce, median estimates indicate.
Investors' and analysts' lingering concern circles around Greece, the emblem of the sovereign debt crisis that is believed to be closely approaching defaulting on its loan obligations, according to Reuters.
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