Gold price seen averaging $1,770 in Q4: GFMS

TOKYO: The price of gold is expected to average $1,770 per ounce in the fourth quarter, Thomson Reuters GFMS said on Wednesday, adding that official net purchases of gold were seen rising to 500 tonnes in 2011, from its prior estimate of 336 tonnes.

Thomson Reuters GFMS global head of metals analytics Philip Klapwijk said the consultancy's base scenario until 2013 was for the gold price to peak next year and then trend lower.

The gold price surged to a record high above $1,900 an ounce in early September but then fell nearly $400 over the next three weeks. On Wednesday, it was trading around $1,663 per ounce.

Klapwijk also said the price of silver was expected to trade between $30 and $43 an ounce until the end of the year.