JP Morgan and B. of A. Merrill Lynch cuts forecast for Gold Price

JP Morgan and B. of A. Merrill Lynch cuts forecast for Gold Price

#JP Morgan, slashed the outlook for the metal in 2013 to $1,595 an ounce from the $1,745 expected previously

#In the short term, the analysts cut the gold outlook 18% to $1,450 in the second quarter, while lowering the 2015 forecast by 5% to $1,650 an ounce.

#Bank of America Merrill Lynch also cut its 2013 forecast on gold by 12% to $1,478 an ounce. The analysts said "higher growth, rising nominal yields and subdued inflationary pressure have all limited investor buying."

#They see several scenarios that could push prices higher, including more "affluent emerging markets" possibly increasing metal purchases to the extent that gold could trade at $2,000 an ounce — "even if investors bought only a third of the gold they purchased in 2012."

source : Marketwatch

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