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Morgan Stanley: gold is expected to rise an d other metals â€“ top decrease in 2012

03 January 2012 08:37 (UTC +04:00)

Baku â€“ APA-Economics. US Morgan Stanley Bank expects gold to average $2,200 an ounce in 2012. "The defensive nature of gold should continue to support investment demand as investors look for safe-havens," Morgan Stanley said in a report earlier this month, Wall Street Journal reported.

Other precious metals rebounded along with gold on Friday, but remained deep in negative territory for 2011.

April-delivery platinum on Thursday settled up 2.8% at $1,404.90 an ounce, down 22% for the year. Palladium for March delivery rose 5.2% to $656.15 a troy ounce, down 18% in 2011.

The metals are used chiefly in exhaust filters in cars and trucks, and slumped toward the end of the year as expectations for economic growth cooled. Souring investor sentiment toward precious metals and commodities in general also weighed on the markets.
Silver, which also has more industrial uses than gold, climbed 2.2% to $27.915 a troy ounce, and fell 10% on the year.

Futures in April surged to the highest level since the Hunt brothers tried to corner the market 30 years ago, but collapsed as moves by exchanges to curb excessive speculation sparked selling.

Comex trading will be closed on Monday in observance of the New Year’s holiday