Low TIPS Yield May Support Gold Near $1900 -Goldman
A gold price around $1,800-$1,900/oz could be well
supported should 10-year U.S. TIPS yields remain close to their current levels
of 0bp, says Goldman Sachs as it reiterates its 12-month forecast of
$1,940/toz. Expects prices to continue to be driven largely by changes to U.S.
real interest rates, "and with our updated U.S. economic outlook pointing to
continued low levels of real rates in 2012, we continue to recommend long
trading positions in gold." Also expects the euro-zone debt crisis to skew the
balance of risk toward higher gold prices. Spot gold down $4.72 at
$1,741.33/oz.
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