VelocitySharesTM 3x Long Silver (USLVF)

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Goldman Sachs Group released a report on Friday, in which the bank has cut gold price forecasts for 2016, as well as 2017. Following the release, gold prices are trading down by around 0.85% to $1289.9 per troy ounce as of 12:00 AM EST.

Goldman Sachs analysts believe that gold prices will average $1,089 for 2016 and $1,050 for 2017. The bank cited low inflation and higher interest rates in the US as the key consideration behind the downward revision in gold price forecasts. They believe the impact of low prices will be visible later this year.

Published: Jan 23, 2015 at 2:08 pm EST