SPDR Gold Trust: Analysts Divided On The Outlook As Gold Prices Decline Further

Precious metals are deemed weak as the price of gold declined further earlier today. The price fell by 1.3%, equivalent to $22.03. This saw gold sell at $1,664.27 per ounce very early in the morning. Despite a lack of strength in the price of the US dollar, gold subsequently found itself wobbling back $1,672.

On the other hand, SLV totally underperformed GLD as it tumbled by 2.1% or $0.68 in the morning at a very low of $31.62. However, like gold and other sister precious metals, it also regained towards the close of the day to trade at $3,190. As the price of gold advanced slowly in each of the past two weeks, the decline recorded earlier today was brought about by yellow metals towards the midpoint of the whole trading range. However, the gold price still remains slightly over 13% below the all-time high record of $1,923 per ounce.

Contrastingly, analysts at Morgan Stanley actually offered a more constructive and positive view on the gold prices. And even though the firm lowered its earlier 2013 gold price average forecast by 4% to $1,773, the earlier longer term bullish outlook was reiterated.

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