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  • Another blow to gold – Goldman Sachs slashes 2013, 2014 forecast



    Not even Cyprus turmoil could do it. Or exceptionally weak U.S. data. Or general fears of a backlash in the global recovery. Gold prices currently struggle to shine as a safe haven and regain its past fame, prompting analysts at Goldman Sachs to slash their gold price forecasts. For the second time in less than two months, that is.

    The gold team at Goldman now sees an average price of $1,545 an ounce in 2013, down from an earlier forecast of $1,610, with average prices falling even further to $1,350 in 2014 from $1,490 expected previously.

    “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. Read: An S&P chart that could be pointing to a correction

    “With our economists expecting few ramifications from Cyprus and that the recent U.S. slowdown will not derail the faster recovery they forecast in 2H13, we believe a sharp rebound in gold prices is unlikely,” they added.

    Gold futures for June delivery GCM3 -0.42%  fell Wednesday, stepping back from their strongest level since the start of the month. Speculative traders have also been down on gold.


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