London, April 15, 2024: Goldman Sachs has raised its gold price forecast to $2,700 per ounce (€2,646.30) by the end of the year, from a previous target of $2,300 (€2,258.30). Goldman Sachs analysts believe that the yellow metal is in an unstoppable bull market, driven by strong safe-haven demand amid the ongoing conflict in the Middle East.
Gold prices have rallied 20% over the past two months, and analysts expect the precious metal’s bull run to continue. Goldman Sachs said that gold prices will remain bullish despite a stronger dollar and record equity markets.
The key factors supporting the rising gold price are central bank buying in emerging markets and Asian retail investment. Geopolitical tensions continue to support demand for gold as a safe-haven asset.
According to Goldman Sachs, the only way gold prices could fall is if there is a peaceful resolution to the conflicts in the Middle East and Ukraine, an end to gold buying programs by emerging market central banks, and a significantly hawkish Fed stance leading to interest rate hikes.
DISCLAIMER: This article is for informational purposes only and should not be relied upon for investment decisions. Always consult with a certified professional before investing.
Please note: The conversion from USD to EUR is based on the current exchange rate of 1 USD = 0.981 EUR. This rate may fluctuate and could affect the actual price of gold in euros.
