Although gold prices fell on Friday, leading towards the biggest weekly loss since July last year, partly due to the recovering US economy and its slipping demand, the commodity prices in 2011 are expected to be 19 per cent higher than last year.
According to experts, surveyed by the London Bullion Metals Association (LBMA), the average gold price forecast was $1,457 per ounce.
Analysts surveyed by the group predicted that silver prices will average $29.88 per ounce, which would represent a 48 per cent increase on the average price in 2010.
The average platinum price in 2011 was forecast to rise 12.6 per cent from the average 2010 price, to $1,813 per ounce.
"And palladium shows no sign of slowing down with an average 2011 price prediction of $ 814,65, a 54.8 per cent increase on last year's bumper average price," the LBMA noted in a press release.
Looking back at last year's survey, the average gold price prediction of $1,199 per ounce, which was 23.4 per cent higher than the 2009 price, was just USD 26 lower than the actual average price of $1,225 per ounce.
"All metals rose as predicted, although silver and palladium exceeded almost everyone's expectations," the group said.