Gold and silver ETFs – along with the underlying metals prices themselves — were pulling back from recent highs on Thursday, despite very bullish analyst reports. Copper, however, moved higher on news of continued strong forecasts.
Gold futures moved down 0.08% in early afternoon trading to about $1,456.60 an ounce. The SPDR Gold Shares ETF (GLD) fell about 0.20% to $142.
Though it’s taking a breather for another price run-up, gold is projected to move up handsomely over the next three years to $2,100 an ounce, Standard Chartered analysts said in a report Thursday.
The group cites rising incomes in India, China and other parts of Asia as the key driver for such a move. In addition, a weak U.S. dollar and need for a safe haven are pushing the precious metal up in prices and should overcome any headwind from rising interest rates between now and 2014.