
Barcap raised its 2011 forecast to $1,495 an ounce with a range between $1,300 and $1,620 an ounce. In November, the bank had a forecast of $1,445 for this year.
"A clouded macro environment against a backdrop of low interest rates, growing uncertainty surrounding currency debasement and medium-term inflation fears as well as geopolitical tensions continue to stoke investor's appetite for a portfolio diversifier and a safe haven," Barcap's precious metals analyst Suki Cooper said in a note.
On Thursday, bullion traded at $1,372 an ounce. Barcap also expects silver to average $29.10 an ounce, platinum at $1,815 an ounce and palladium $820 an ounce for 2011.
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