Gold predictions: Goldman Sachs lowers gold prediction for this year and for next year
Goldman Sachs lowered today their average gold price prediction for this year to $1,545 an ounce from $1,610 expected previously and to $1,350 an ounce from $1,490 in 2014. Goldman Sachs said:”Despite resurgence in euro-area risk aversion and disappointing U.S. economic data, gold prices are unchanged over the past month, highlighting how conviction in holding gold is quickly waning,” the analysts said in a note. “With our economists expecting few ramifications from Cyprus and that the recent U.S. slow down will not derail the faster recovery they forecast in 2013, we believe a sharp rebound in gold prices is unlikely,” they added. For the end of 2013 predictions, Goldman now sees gold to close out 2013 at $1,450 an ounce and 2014 at $1,270 an ounce..
