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Morgan Stanley lowers gold price forecast for 2014, 2015

Morgan Stanley lowers gold price forecast for 2014, 2015
Morgan Stanley lowered its gold price forecasts for 2014 on Monday, citing the impact of the US Federal Reserve's reduction of stimulus along with mounting regulatory pressure on investment banks to scale back commodity operations.
Despite a falling US dollar gold price, legal Indian gold imports remain low, in contrast with strong Chinese physical gold demand, the note from Morgan Stanley said.
The steep sell-off by ETFs in 2013 countered the cushion provided by strong consumer demand for gold, resulting in a decline in gold prices, the bank added.
"The lower price environment will pose significant challenges for gold miners given the substantial rise in costs over the past decade," the bank said.
Morgan Stanley lowered its 2014 average price forecast for gold by 11.6 percent to $1,160/oz, and cut its average 2015 gold price forecast by 12.5 percent to $1,138/oz.
Updated 11 Mar 2014 | Soruce: PUK Media |
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