Based on the rebased price level, and with the business expecting favorable price factors still playing out ahead, they updated their price projection to $2,700 per ounce by the end of the year, from the previous expectation of $2,300 per ounce, Goldman Sachs stated in a report.
Gold prices have been on a two-month surge since February and show no signs of slowing down due to the current global circumstances. Goldman Sachs forecasted in a statement that the yellow metal will likely increase to $2,700 per ounce this year.
Goldman Sachs stated in a letter to its clients this week that gold’s relative stability following this week’s stronger-than-expected US CPI reading was yet another indication that the metal’s bull market is not being driven by the typical macro suspects. Indeed, despite market expectations for fewer Fed cuts, stronger growth patterns, and record equity markets, gold has risen 20% in the last two months.