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65

Goldman Sachs: Gold Will Average $915 This Year

Goldman Sachs Group Inc., the world's largest securities firm, increased its gold forecast...

Goldman Sachs Group Inc., the world's largest securities firm, increased its gold forecast for 2008 through 2010 because of expectations for a U.S. recession in the second and third quarters and a weaker dollar.

The metal will average $915 an ounce this year, compared with an earlier estimate of $800, the bank said in an e-mailed report today.

Gold will average $870 next year and $940 in 2010, from earlier forecasts of $852 and $907, the bank said.