Goldman Sachs cuts gold price targets

Goldman Sachs cut its gold price forecasts for a second time in six weeks on Wednesday, citing expectations for an acceleration in US economic growth and the metal's recent lack luster price performance.

The bank lowered its 2013 average gold price forecast to $1,545 an ounce from $1,610 and its 2014 price view to $1,350 an ounce from $1,490.

It also advised that investors close a long COMEX gold position, recommended in late 2010, and replace it with a short COMEX position.

Goldman had already cut its gold forecasts in late February, reducing its 2013 price view from $1,810 an ounce. Its current forecast amounts to a fall in the average gold price year-on-year for the first time since 2001, when the metal's 12-year bull run began.

JAI MATA DI 

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