Gold prices have been on a tear, surpassing $2,000 an ounce and showing no signs of slowing down. Goldman Sachs predicts even brighter days ahead for the precious metal.
prices have been on a tear over the last two months, a development that has caught many by surprise. After a slight rise towards the later months of 2023, the precious metal has surged since mid-February, defying some earlier predictions of a cool-off.
Indeed, despite the market pricing progressively fewer Fed cuts, stronger growth trends, and record equity markets, gold has rallied 20% over the past two months. It’s seen that the majority of the gold upside since mid-2022 has been driven by new incremental factors, not least a significant acceleration in emerging markets Central Bank accumulation as well as Asian retail buying.
“Moreover, with Fed cuts still a likely catalyst to soften the ETF headwind later in the year, and right tail risk from the US election cycle and fiscal setting, gold’s bullish skew remains clear,” they argue.
Gold Prices Surge Predictions Goldman Sachs Precious Metal Finance
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