SAN FRANCISCO (MarketWatch) — Gold futures settled with a small loss Wednesday, pulling back after a two-session climb, but a consultancy predicted that investment demand will drive average prices to a record in the first half of the year.
Separately Wednesday, an investment bank said its betting on copper and palladium for 2013 and Germany’s central bank confirmed plans to repatriate its gold holdings.
February gold GCG3 -0.23% eased by 70 cents to settle at $1,683.20 an ounce on the Comex division of the New York Mercantile Exchange.
It settled Tuesday at $1,683.90, its highest level since Jan. 2, according to FactSet data. Prices have gained 1.4% over the past two sessions.
A Thomson Reuters GFMS Gold Survey Wednesday forecast that investment demand will drive average gold prices to a record in the first half of 2013 on loose monetary policies and swelling sovereign debt. It also said gold investment rose to record levels in dollar terms last year.
Read More at marketwatch.com . By Myra P. Saefong and Barbara Kollmeyer.