Goldman Sachs is cutting its price outlook for gold, forecasting a year-end price of $1,450 per troy ounce.

"Given gold’s recent lackluster price action, and our economists’ expectation that the acceleration in U.S. growth later this year to above-trend pace will support U.S. real rates, we are lowering our USD-denominated gold price forecast once again," the investment banker said on late Monday in a note. "While higher inflation may be the catalyst for the next gold cycle, this is likely several years away."

Goldman's new position follows that of Societe Generale, which already cut its gold price forecast. And London-based Barclays Research said part of the reason for the decline is increased redemptions in exchange-traded funds.

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