Silver to average $33/oz in 2013, $31 in 2014 : HSBC
The bank raised its 2013 average silver price forecast to $33 per ounce from $32 and its 2014 view to $31 from $28 an ounce.
Silver prices to average $33 and $31 respectively for this year and 2014,according to revised forecast by HSBC.
In a note issued here, James Steel, analyst with the major bullion bank said silver price is likely to move higher in 2013 due to higher industrial demand, steady investor appetite for hard assets, strong coin and bar purchases and a bottoming out of jewelry demand.
The bank raised its 2013 average silver price forecast to $33 per ounce from $32 and its 2014 view to $31 from $28 an ounce.
"While silver will be subject to many influences, we believe ongoing accommodative global monetary policies will be the single most important factor in ushering in higher prices," Steel said.
Silver is expected to trade in a wide range of $27-$37 an ounce in 2013, and price rallies may be capped by growing mines, refined scrap supply and a likely reaction by consumers to rising prices, Steel added.
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