Goldman Sachs Predicts Gold Will Slide Further Throughout 2014

Paul Dykewicz

Goldman Sachs Predicts Gold Will Slide Further Throughout 2014 (Bloomberg)

Gold closed at its lowest price in three years in response to the the Federal Reserve‘s announced plan to begin tapering its monetary stimulus. The drop extended a slide that has sent the metal to its biggest annual drop since 1981. Bullion for immediate delivery fell 2.4 percent to close at $1,188.68 at 5 p.m. Thursday in New York, the lowest settlement since Aug. 3, 2010 Gold futures for February delivery fell 3.4 percent to close at $1,193.60 an ounce at 1:45 p.m. in New York, the lowest settlement for a most-active contract since Aug. 3, 2010. The price has tumbled 29 percent this year. Goldman Sachs Group Inc. opined that the drops aren’t over and that prices will dip to $1,050 by the end of 2014. “Gold is now likely to grind lower throughout 2014,” said Jeffrey Currie, Goldman’s head of commodities research in New York.

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The Standard & Poor’s 500 Index retreated from a record set yesterday, after the Federal Reserve announced plans to trim its monetary stimulus, as investors weighed economic data today that included jobless claims and home sales.

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