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According to the latest Reuters poll, analysts and traders have made downwards revisions to their average gold price forecasts for this year and 2019, in response to the August sell-off to 19-month lows.

Key Findings:

“Spot gold will average $1,273 an ounce in 2018 and $1,300 in 2019, according to the poll of 39 analysts and traders conducted this month.

That compares with predictions in a similar poll three months ago of $1,301 for this year and $1,325 for next year.

Appetite for gold from exchange-traded funds backed by the metal is recovering after their holdings dropped almost 10 percent, or 5.4 million ounces, between mid-May and early October.

The beginnings of a repositioning by speculative investors which had ramped up bets on lower prices on the Comex exchange to the highest on record is also a positive.

Poll respondents also downgraded their silver outlook, predicting an average price of $15.80 an ounce this year and $16.40 in 2019, down from the previous poll’s forecasts of $16.70 for 2018 and $17.52 for 2019.”