Goldman Sachs raised its second-half 2013 gold price forecast to $1,388 from $1,300 an ounce on recent price activity but maintained its medium- and long-term price forecasts.
"We believe the recent uptick is a result of investors positioning themselves for an increase in inflation rates and speculation regarding a potential military strike on Syria," the bank said in an equity research note dated Sept 2.
Despite the raised forecast, the bank said longer term it expected prices to ease on improvement in U.S. economic activity and the reining in of accommodative monetary policy.
