Gold Sinks Below $1,500, Its Lowest Level in Nearly Two Years - JCK
As more investors sounded bearish notes about the yellow metal, on April 12, the spot price of gold sank below $1,500—its lowest level since July 2011.
At one point, the metal’s price reached $1,494. At press time, gold had again crossed the $1,500 mark and was trading at $1,506 an ounce.
On April 10, Goldman Sachs reportedly trimmed its 2013 gold price prediction. The investment bank now sees gold sinking to $1,450 by the end of the year—significantly lower than its original target of $1,600. It also sees gold falling to $1,270 by the end of 2014.