Gold prices projected to reach $2000 per ounce in 2013

Gold prices are projected to increase to $2,000 per ounce in 2013.

The prices for the precious metal will increase from $1,700 in the fourth quarter of 2012, the Bank of Ghana has said.

The Bank has also said global headline inflation declined, driven by slackened growth in economic activity and lower commodity prices.

The central bank noted in a press statement that in advanced countries, headline inflation reduced to 2 percent in August from 2.9 percent at the beginning of the year.

In emerging markets and developing economies, headline inflation also continued to decline. Inflation in China reached 2 percent in August, from 4.6 percent at the beginning of the year. It is projected that headline inflation in advanced economies could decline further as inflation pressures continue to ease, the central bank added.

The Bank indicated that in dub-Saharan Africa, especially in East Africa, observed regional trends of disinflation prompted by base effects from 2011 are expected to persist.

“The moderate outlook for crude oil prices provides additional support for lower inflationary pressures in developing countries,” it said.

On the commodities market, it said gold prices are projected to increase to about $2,000 per ounce in 2013 from $1,700 in the fourth quarter of 2012. However, cocoa prices are expected to stay broadly stable at around $2,450 per tonne.

By Emmanuel K. Dogbevi