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Gold February 27, 2020 12:30:45 PM

Goldman Sachs Boosted Gold Price Forecast to $1,800/Oz

Paul Ploumis
ScrapMonster Author
The bank raised its 12-month projected gold price by $200.

Goldman Sachs Boosted Gold Price Forecast to $1,800/Oz

SEATTLE (Scrap Monster):  Goldman Sachs Group Inc. lifted its gold price forecast to $1,800 per ounce. The agency believes that gold’s demand is likely to scale new heights, further to its appeal as a ‘haven of last resort’, due to several factors including spread of coronavirus to nations outside of China, depressed real interest rates and the forthcoming U.S. presidential elections.

In a note, Goldman Sachs said that gold is currently trading at the highest level in seven years, aided by fears that spread of coronavirus may badly impact global economic activity. The prices of the yellow metal have rallied nearly 8% since the beginning of 2020. In fact, gold has outperformed traditional safe haven currencies such as Japanese Yen and Swiss Franc.

 

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The bank raised its 12-month projected gold price by $200. In the event of virus effects spreading to Q2, gold is likely to top $1,800 per Oz on a 3-month basis, the Goldman Sachs report said.

As per the bank’s new projections, gold prices are expected to touch $1,700 an ounce in three months and $1,750 per ounce in six months. The bank had earlier forecast $1,600 per Oz for both the above time frames.

 

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