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HSBC revises up gold price forecasts for 2009, 2010

LONDON, January 8, 2009 -- HSBC revised up its average gold price forecast for 2009 to $825 per ounce from $800 per ounce and for 2010 to $775 per ounce from $725 per ounce.

"We believe that gold will attract safe-haven buying from risk-averse investors this year, as economic uncertainties are likely to persist for the foreseeable future," HSBC's chief economist, Stephen King, said in a research note.

Production cutbacks, declining ore grades, and power constraints will result in lower mine output in 2009 versus last year, according to HSBC.

HSBC said it was leaving its long-term price forecast of $700 per ounce unchanged.