Goldman Sachs downgraded its 2013 price target for gold and
advised investors to short the precious metal, in a commodities report out on
Wednesday, CNBC writes.
"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,"
said Goldman Sachs analysts Damien Courvalin and Jeffrey Currie in the note. The
analysts cut their gold forecast to $1,450 per ounce for 2013 and $1,270 for
2014, the second cut in their price target this year....
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