HSBC raises gold price forecasts

REUTERS: HSBC raised its gold price forecasts for 2011 through 2013, saying gold is benefiting from fears about high government debt levels, geopolitical risk, and few alternative havens.

HSBC raised its 2011 gold price forecast to $1,630 per ounce from $1,590.

The bank raised its gold price forecast for 2012 to $2,025 per ounce from $1,625, and its 2013 gold price forecast to $1,850 per ounce from $1,550.