Goldman Sachs pushes up its gold price forecasts
(Kitco News) - U.S. investment bank Goldman Sachs has pushed up its gold price projections in light of recent political events. With the ongoing conflict, the gold price pushed up to $2020.98/oz overnight. This is the highest level the yellow metal has traded since the summer of 2020.
Next up for the precious metal is all the all-time high at $2075.14/oz and the bulls could aim for this resistance zone.
Looking closer at the forecasts the bank changed its 3-month horizon to $2,300/oz, from $1950 previously. The 6-month protection has moved to $2,500/oz, from $2050/oz previously
And lastly the 12-month horizon to $2,500/oz, from $2150/oz previously. Goldman is citing an increase in demand from consumers, investors, central banks. Due to the rising geopolitical uncertainty.