Gold will trade at $1,100 an ounce in a year, according to Credit Suisse Group AG.

“The need to buy gold for wealth preservation fell down and the probability of inflation on a one- to three-year horizon is significantly diminished,” Ric Deverell, head of commodities research at the bank, told reporters in London today.

Bullion may fall to $1,350 in the next couple of weeks, he said. Gold will trade below $1,000 in five years, Deverell said.