CNBC Pro

Goldman lowers gold forecast, says higher interest rates are already priced in

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.

More In Street Calls

Morgan Stanley upgrades United Airlines, says 2023 could be 'goldilocks' year for airline
CNBC ProMorgan Stanley upgrades United Airlines, says 2023 could be 'goldilocks' year for airline
Goldman says buy these five stocks in a weakening macro environment
CNBC ProGoldman says buy these five stocks in a weakening macro environment
Here are Friday's biggest analyst calls: Apple, Amazon, Tesla, DoorDash, Disney, Zillow & more
CNBC ProHere are Friday's biggest analyst calls: Apple, Amazon, Tesla, DoorDash, Disney, Zillow & more