Commodity strategists at U.S. bank Morgan Stanley are forecasting gold will struggle to maintain its current value and are predicting gold will average $1,160 for 2014 and $1,138 for 2015. They believe gold will face considerable headwinds as real interest rates, bond yields and U.S. dollar rise.

The strategists considers gold’s recent rise as a mere bounce that was overdue after five negative quarters and heavy outflows from exchange traded products.