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  • Global politics to drive gold price in 2017, offsetting stronger dollar: MKS

    Politics  are  likely  to  be the main driver of the dollar gold price in 2017, with an average of 

    $1,272/oz forecast by trade house and refinery MKS Monday. 


    Frederic  Panizzutti, senior VP at MKS, said that uncertainties including a new US president 

    and Brexit, alongside upcoming French and Germany elections, are likely to push the price 

    higher. 


    These factors "could result in increased political and geopolitical tensions and more market 

    volatility  until  a  new global equilibrium is reached. They should provide enough support to 

    gold and offset the impact of a possibly strengthening dollar on the back of FOMC decision

    s." 


    Markets are increasingly factoring in more interest rate hikes from the US throughout 2017. 

    "The  official  sector  shall  continue  to  be  a  net  buyer of gold. We are expecting gold to 

    moderately strengthen on the back of safehaven buying," Panizzutti added. 


    MKS is forecasting a high of $1,380/oz and a low of $1,120/oz. 

    Looking  at  palladium, the  senior  VP  said  that MKS expects a 2017 average of $791/oz. 

    Palladium out-performed the other precious metals in 2016, closing the year 23% higher. 


    "But the story is not over. Tightening emission rules in China could have a significant impa

    ct on the market in 2017, resulting in more demand. The supply/demand deficit is set to fur

    ther widen and would offset any  eventual ETF related selling. While  our sentiment for the 

    other  three  metals  is  moderately  bullish, we  are  not  getting out of our comfort zone in 

    calling palladium to outperform the other precious metals," Panizzutti said. 


    MKS forecast a 2017 high for palladium of $890/oz and a low of $650/oz. 

    Palladium  was  spot  bid as of 1145 GMT at $741/oz with gold at $1,202/oz. MKS forecast 

    2017 average silver price of $17.65/oz with platinum at $1,033/oz.

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