HSBC Trims Gold Forecast on Shaky Investor Confidence

Reuters reported that HSBC has dropped its gold forecast for 2013 and 2014, saying that the recent plunge in prices has taken a toll on investor confidence, which will take some time to recover.

As quoted in the market report:

The bank, however, expects gold prices to stabilize after the recent rout as retail demand for gold lends support with rising jewelry and gold coin purchases from Asia.

To view the whole Reuters report, click here.