Gold prices may retreat to $1,450 a troy ounce in the next three months because of the risk of a major sell-off of bullion when the economic backdrop for investment sours, according to a report the World Gold Council (WGC) released on Tuesday.
Gold prices hit a record high on Monday at $1,549 a troy ounce, for August delivery, on the New York Mercantile Exchange as concerns about Italy's ability to repay its debt roiled markets.
China, the world's biggest gold producer and second-largest gold consumer, is expected to report higher output this year, with the country's gold output surpassing 350 tons in 2010.
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