Investment bank Credit Suisse announced that it has raised its average price outlook on both crude oil and gold for 2013. The main reason given was the launching of QE3 by the Federal Reserve and other injections of liquidity into the financial markets globally.

The bank raised its 2013 average price forecasts for oil, saying that prices should move into the upper end of the range it projects through 2015 next year. Credit Suisse raised its 2013 Brent crude oil (the global benchmark) forecast to $115 a barrel from $103 a barrel. It also raised its forecast for U.S. WTI crude oil from $97 a barrel to $106 a barrel.

Credit Suisse raised its 2013 average price forecast for gold to $1,840 an ounce, from $1,720 an ounce. Additionally, it bumped up its 2013 price forecast for silver from $29.20 an ounce to $33.10 an ounce. The company revealed its reasoning, “In light of the Fed’s open-ended commitment to asset purchases, the shift in language and rates, and the potential for an additional program of Treasury buying once Operation Twist expires, we have shifted our gold forecast moderately upwards and outwards.”

The investment bank also raised its forecasts on base metals prices across the board, with the exception of nickel. Again Credit Suisse pointed to central bank easing and improved market sentiment. These factors have already caused a rally in base metals prices. However, it did say that an improvement in real demand for these metals was required in order for the recent price gains to hold.

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