Analysts at JP Morgan on Cazenove on Tuesday revised down the price forecasts for most metals, including cutting the outlook for gold in 2013 to $1,595 an ounce from $1,745 previously expected.
They didn’t note what could possibly be undermining a logical metals reaction to incessant quantitative easing.
In the near term, the analysts revised the gold outlook 18% to $1,450 in the second quarter, whilst lowering the 2015 forecast by 5% to $1,650 an ounce.
The outlook for copper in 2013 was cut 4% to $3.50 a pound, or $7,707 per tonne from $8,032 per tone expected previously. For silver, the 2013 forecast was cut to $27.89 an ounce from $30.01.
August delivery gold lost $8.60 to $1,379.20 an ounce in Tuesday trading, whilst silver for July fell 23 cents to $22.27 an ounce. July copper added 1 cent to $3.31 a pound.