Goldman Sachs precious metals analysts Damien Courvalin and Jeffrey Currie are out with an update on gold prices following the Fed's shock decision to refrain...

Goldman Sachs precious metals analysts Damien Courvalin and Jeffrey Currie are out with an update on gold prices following the Fed's shock decision to refrain from tapering its massive QE program. The news sent gold soaring to $US1367/toz, up 4.6% overnight in the wake of the Fed's decision. Goldman cites near-term upside for gold on delayed tapering, however, the bank reinforces that this will be limited and remains bearish into 2014. We re-iterate our neutral stance on gold prices and continue to expect that gold prices will resume their decline heading into 2014 when we expect economic data to solidly confirm a reacceleration in US growth and warrant a less accommodative monetary policy stance, writes Goldman analysts. (VIEW LINK)