Goldman Sachs Revised Gold Price Target for 2024
Gold | 2024-03-18 12:25:44
According to the bank, March will prove to be vitally important for gold investors around the world.
By Paul Ploumis
SEATTLE (Scrap Monster): Goldman Sachs- the world’s leading investment banking company revised upwards its forecast for gold prices in 2024. This is the third time in 2024 that Goldman Sachs has revised gold’s price target. The revised target comes in the midst of uncertainties surrounding possible interest rate cuts by the U.S. Federal Reserve and ongoing geopolitical tensions.
Earlier, Goldman Sachs had predicted gold prices to end the year at $2,090 per ounce and $2,180 per ounce. However, the bank has now revised its expectations, given the fact that gold prices have already surpassed these figures, hitting all-time high in March this year. In its latest report, Goldman Sachs stated that the yellow metal is well on track to hit $2,300 per ounce by the end of this year.
According to the bank, March will prove to be vitally important for gold investors around the world. The inflation data is expected to provide a clear information on where the discussions are headed to. The statement by the U.S. Fed Chair following its March meeting on interest rate cuts is eagerly awaited. The lull in market witnessed at the start of 2024 has been attributed to this anticipation, Goldman Sachs noted.
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