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SINGAPORE (Reuters) - Delegates to the annual conference by the London Bullion Market Association (LBMA) expect gold to rebound to well above $1,300 an ounce over the next 12 months.
Spot gold is seen at $1,347.40 an ounce by October next year. Gold has shed 8 percent from a two-year high in July amid expectations for a U.S. interest rate hike by year-end. It was trading at about $1,262 on Tuesday.
A separate Reuters poll of some delegates to the conference predicted that gold would recover to above $1,300 an ounce next year as a pickup in physical demand counters more potential U.S. rate increases.
Silver, which has gained 27 percent this year to outpace gold, is projected to hit $20.90 an ounce by October 2017, the LBMA poll showed. Platinum is forecast at $1,055.30 an ounce and palladium is seen at $752.50.
Reporting by Manolo Serapio Jr.; Editing by Himani Sarkar