Gold price prediction: Goldman Sachs cuts 2013 gold prediction

Goldman Sachs cut its gold prediction for 2013, saying while the latest sell-off is “likely excessive,” it has “exposed a quickly waning conviction in holding gold positions, especially ETFs (exchange traded funds). In a note dated February¬†25, Goldman cut its three-month gold prediction¬†to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800. Goldman said recent moves in gold and U.S. real rates have “anticipated the turn in the gold cycle that we had expected for the second half of 2013,” in the note.

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