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MADRID (MarketWatch) -- Goldman Sachs on Tuesday cut its gold price forecast for this year, saying while the latest sell-off is "likely excessive," it has "exposed a quickly waning conviction in holding gold positions, especially ETFs (exchange traded funds). Goldman cut its three-month gold-price forecast to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800. Goldman said recent moves in gold and U.S. real rates have "anticipated the turn in the gold cycle that we had expected for the second half of 2013," in the note. April gold futures rose $13.60 an ounce, or nearly 1%, to $1,599.80 an ounce as perceived riskier assets sold off in the wake of an inconclusive result for Italian elections.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.