Goldman Sachs Cuts 3-Mo Gold Forecast By 8%; Ups Copper 4.6%

LONDON, Apr 12, 2010 (Dow Jones Commodities News via Comtex) -- Goldman Sachs Group Inc. (GS) Monday cut its three-month gold forecast by 8% and raised its copper price forecast by 4.6%, citing stronger copper demand across Asia, Europe and the U.S.

The bank retained a bearish outlook on nickel prices, calling for nickel to fall below $20,000 a metric ton within three to six months as supply increases.

Goldman lowered its three-month gold forecast to $1,155 a troy ounce, down from a March 29 estimate of $1,260/oz. It also cut its 12-month forecast by 5% to $1,320/oz.

Goldman didn't give a reason for the changes to its gold forecasts.

The bank forecasted copper would trade at $8,210/ton in three months, and at $7,835/ton on a 12-month basis, up just 0.1% from its previous forecast.