A confluence of four key factors in the global market would underpin the gold price in 2018 after a 13.5% increase in the dollar price of the metal in 2017, the highest jump since 2010, according to the World Gold Council on Tuesday. The factors picked out by the market development body, whose members are gold producers, include higher global economic growth, interest rate hikes and restructuring of the US balance sheet, overheated equity markets and increased access to gold through a variety of investment platforms. Sharps Pixley CEO Ross Norman said that although the forecast for gold prices during 2018 was only "modestly" higher, "gold has rarely been more important to own". "Gold has become price elastic, just as it was in the 1990s. And then there was 2000 … the best is yet to come, but not just yet. Patience," Norman said, forecasting gold would trade in a range of $1,260/oz to $1,400/oz and average $1,358/oz. The council, which states its purpose as being a global authority o...

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