Paolo Lostritto the director of equity research in mining and metals for National Bank Financial, in Toronto, said he is expecting inflationary pressures to continue to build and despite short-term volatility, expects prices to hit $1,800 in the long-term. Despite, his long-term bullish forecast, Lostritto is expecting gold prices to remain weak in the near-term as the market digests positive real interest rates and strong redemptions in gold-backed exchange-traded funds. In a report released July 21, Lostritto lowered his 2013 forecast for gold prices to $1,300 an ounce from $1,600 an ounce. He also expects the price to remain in that area through 2014.
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