Morgan Stanley to Goldman Cut Gold Forecasts on Fed Outlook
This article is for subscribers only.
Morgan Stanley lowered its forecasts for gold, joining Goldman Sachs Group Inc. and UBS AG in paring estimates on prospects that the U.S. Federal Reserve will scale back monetary stimulus as the economy recovers.
The bank cut its 2013 target to $1,409 an ounce from $1,487, reduced its prediction for 2014 to $1,313 from $1,563, and trimmed its 2015 estimate to $1,300 from $1,450. Morgan Stanley also lowered its gold and silver forecasts through 2018, analysts Peter Richardson and Joel Crane wrote in a report.