Forecast updates
On Friday, Goldman updated its three, six and 12-month gold price forecasts to U$1,800, US$1,900 and US$2,000/oz from US$1,600, US$1,650 and US$1,800/oz respectively, and maintained its long December 2020 gold trading recommendation.
Bank of America forecasts $3,000/oz price in 18 months
In March, Goldman head of commodities Jeffrey Currie viewed the precious metal as a hedge against currency debasement and said “now is the time to buy gold, the safe-haven asset, amid market panic over the impact of the growing coronavirus pandemic”.
The following month, analysts at Bank of America forecast gold to hit US$3,000/oz within 18 months in expectation that interest rates in the US and the rest of the world will “stay very low for a long time”.
“Beyond traditional gold supply and demand fundamentals, financial repression is back on an extraordinary scale,” the bank said.
“Rates in the US and most G10 economies will likely be at, or below, zero for a very long period of time as central banks attempt to push inflation back above their targets,” it added.
https://*********.com.au/goldman-sachs-predicts-2000-ounce-gold-price-within-12-months/
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