Merrill Lynch Analyst Sees Spot Gold Averaging $750/oz. in '08

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In a report released to news media Monday, Merrill Lynch analyst Michael Jalonen also forecast silver prices averaging $14 an ounce this year

Merrill Lynch & Co. is forecasting spot gold prices will average $750 an ounce in 2008, up 7.6% from 2007, and will range between $700 and $900 an ounce for the year.

The firm cited good supply-demand fundamentals and investor interest in the bullion's ability to protect against a weakening U.S. economy and the sliding U.S. dollar.

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