Gold Plunges on Goldman Sachs Forecast

by Christopher Freeburn | April 10, 2013 4:29 pm

PreciousMetalsRecap Gold Plunges on Goldman Sachs Forecast[1]Gold tumbled in Wednesday trading after Goldman Sachs (NYSE:GS[2]) trimmed its price outlook for the metal for the second time in two months. Goldman Sachs lowered its forecast for gold from an average of $1,610 an ounce for 2013 to $1,545 an ounce.

As the metal fell, the U.S. dollar rose and U.S. equity markets tested new record highs.

Gold futures for May delivery dropped 1.8% to $1,558.40 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,586.80 and as low as $1,556.70. Gold bullion closed in London at $1,562 according to BullionVault[4].

Silver futures for May delivery surged 0.8% to $27.65 per ounce. Wednesday’s high for silver was $27.97, while the low was $27.45.

Gold and silver funds slumped in Wednesday trading.

Gold and silver mining ETFs plunged during the day.

Gold mining shares moved down sharply on Wednesday.

Silver mining shares retreated during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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  24. BullionVault:

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