Goldman Sachs Reiterates $3000 Price Target For Gold Bullion
Date
11/20/2024 10:20:08 AM
(MENAFN- Yolo Wire) U.S. investment bank %Gold manSachs (NYSE: $GS) has reiterated that it expects the price of %Gold bullion to reach $3,000 U.S. an ounce by the end of 2025.
Advising investors to “go for gold,” the Wall Street firm said in its outlook for the year ahead that Gold remains among its top commodity picks for 2025.
Analysts at Goldman Sachs say that continued interest rate cuts, central bank buying sprees, and geopolitical turmoil bolster the bull case for the precious metal over the next 12 months.
And now looks like a buying opportunity as the price of gold has declined about 7% from a record peak in October following Donald Trump’s U.S. electoral victory.
With the U.S. dollar surging to a two-year high after the Nov. 5 election, the price of gold has fallen to its current level of $2,640 U.S. per ounce.
However, Goldman Sachs says the current selloff provides an “attractive entry point to buy gold” and ride its rebound over the coming year.
The fundamentals supporting a rise in the price of gold remain intact, say analysts at the investment bank and investors should take advantage.
If anything, the bull case for gold appears to be rising as geopolitical turmoil worsens in Ukraine and the Middle East.
Gold is widely viewed as a safe haven asset in times of political and market upheaval and uncertainty.
So far this year, gold’s price has gained 28%. A rise to $3,000 U.S. an ounce implies a further 14% increase from current levels.
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