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NEW YORK (Commodity Online):Barclays Capital has revised up its gold forecasts to $1,810 an ounce for the fourth quarter this year and an annual average of $1,860 for next year.

The metal has already risen sharply after the Federal Reserve embarked upon a third found of quantitative easing, but Barclays sees potential for further buying.

“Physically backed gold ETPs (exchange-traded products) have gained momentum to set a fresh record high but speculative positioning, which has risen, is not overextended,” Barclays added.