In a research note, the bank said it has revised its 2009 price view for gold up to $948 an ounce from $939 an ounce predicted in July. It said it now sees silver at $14.30 an ounce, against a previous forecast of $13.90. For next year, it lifted its gold and silver forecasts to $1,006 an ounce from $950 and $15.80 an ounce from $13.40 respectively -- a rise of nearly 18 percent in silver's case.

The bank also lifted its forecasts for base metals copper, aluminium, nickel, zinc and lead for 2009 and 2010, it now sees copper averaging $4,998 a ton this year, up from a previous forecast of $4,775, and raised its price view for aluminium to $1,647 a ton in 2009 from $1,608.