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Good News: Morgan Stanley Slashes Gold Forecast 13%
Morgan Stanley cut its gold-price forecast for the fourth quarter by 13%, the latest in a series of downgraded outlooks for the precious metal as it remains in its longest slump since the financial crisis.
The firm cites strength in the U.S. dollar as gold’s biggest headwind, as investors choose dollar-denominated assets as a haven from Europe’s banking crisis. And of course QE3–which many gold forecasters expected to be implemented early in the summer — hasn’t showed up.
Morgan Stanley sees gold averaging $1750 an ounce in the fourth quarter, down from its previous forecast of $2011.
The $2,000 an ounce mark, which many forecasters expected gold to reach before the end of the year, is starting to look out of reach.
Gold futures were nearly flat on Monday, easing slightly as muted moves in currency markets left traders little direction after the market’s big swings last week. Gold traded around $1600 an ounce for much of the session.