This photo shows gold bars stacked in rows.

Ktsdesign | Science Photo Library

Goldman cut its gold forecast on Wednesday, saying higher real interest rates are already reflected in the precious metal’s price.

Real interest rates exclude the effect of inflation.

The firm still sees upside for gold and its new target — $2,000 per troy ounce down from $2,300 — is about 11% above where gold futures currently trade.

Originally published at CNBC

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