Demand in China and India, the world’s two largest gold consumers, has been unusually been weak in recent months, which has dragged gold prices lower. However, we expect another escalation of the euro-zone crisis to spark strong safe haven flows for gold and think Chinese demand will recover. As a result, we continue to expect the price of gold to rise from around $1,620 per oz. now to $2,000 by the end of this year.
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