Gold: Prices to remain under pressure in the rest of 2013 - ICICI Bank Global Markets

- Gold prices have plunged by 15% to over a two year low of USD 1322/oz earlier this week

- Sharp sell-off in gold ETFs and increased speculation over scaling back of asset purchase program by the US Fed has been weighing on the bullion

- The immediate downside trigger has come from reports that Cyprus was mulling over selling its gold reserves to finance the bailout

- Investors have also been paring net long positions on gold, reflecting bearish market sentiment

- We expect gold prices to remain subdued this year, hovering around USD 1400-1450/oz levels in the near term while ending 2013 in the USD 1330-1380/oz range.

Source : Equity Bulls

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