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“We expect gold prices to continue to benefit from continued economic uncertainty and a slowdown in the U.S economy,” GFMS analysts at Refinitiv said in a quarterly report.“(But) physical markets are likely to be subdued due to the higher price level,” they said, predicting that gold would average $1,292 an ounce this year.That would be a little higher than last year’s average of $1,268 but below the forecasts of $1,305 an ounce for this year and $1,350 for 2020 in a Reuters poll of 36 analysts and traders published on Tuesday.Jewellery consumption in the fourth quarter of 2018 was 560 tonnes of gold, down 3 percent from the same period in 2017, the GFMS Refinitiv report said, while retail investment declined by 3 percent year-on-year to 296 tonnes.Exchange-traded funds, however, added 114 tonnes to their holdings over October-December and net purchases by central banks more than doubled compared to the fourth quarter of 2017 to 196 tonnes, it said.For the two largest gold-consuming countries, China and India, the report said Chinese jewellery demand was likely to decline this year as the country’s economy slowed and Indian demand would continue to fall.