Gold may average $843.70 an ounce in 2008. The yellow metal has averaged $683.31 in 2007, according to a poll conducted by the London Bullion Market Association (LBMA) at its seventh annual conference in Mumbai on Tuesday.
Gold is headed for a seventh consecutive annual gain. Spot gold was traded at $787 an ounce on Tuesday.
The price forecast was compiled electronically by about 150 delegates including traders, bankers, analysts, producers and fund managers at the two-day global conference on precious metals.67% of the participants in the poll said gold price may climb as high as $900 to $1,000 an ounce next year.
Silver is forecast to rise to $16.3 an ounce next year and platinum may climb to hit a record high of $1,519.30 by the association?s next annual conference in September 2008.
52% of the participants in the poll said the US currency would be the most significant macro factor in driving up bullion prices and hedge funds would be the most influential investors in deciding the price direction while 19% said moves in oils and other commodities would affect prices.
The audience also predicted that central banks may sell 470.40 tonne of gold in 2008, down from 550 tonne estimated for current year.
According to 51% of the participants who voted, investor interest was the most important factor that would sustain the commodities super cycle, followed by 35% who saw physical demand having the maximum impact.