In early September, analysts from financial powerhouse Goldman Sachs predicted gold would hit $2,700 an ounce next year. Back a month later, Goldman's market strategists are now aiming even higher, predicting gold will rise to $2,900 an ounce by 2025.

Gold set to rise: Goldman Sachs predicts prices will rise to $2,900 an ounce

Last month, Bitcoin.com News shared a prediction from Goldman Sachs commodities analysts, predicting an 8% increase in the price of .999 fine gold. The analysts expressed their “highest confidence” in gold at the time, predicting prices would rise to $2,700 an ounce. However, just a month later, these financial experts have reversed course and now have a new outlook.

Goldman analysts doubled down on their long-term gold call this week, highlighting strong demand from both institutional investors and central banks. Goldman Sachs raised its forecast for gold, raising its forecast from $2,686 an ounce next year to $2,973 by 2025. “We reiterate our long-term gold buy recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand, and gold’s hedging benefits against geopolitical, financial, and recession risks,” the analysts explained.

As of Sunday, October 6, gold prices held steady at $2,653 an ounce, down 0.30% over the past week. However, over the past month, gold prices have gained 6.35% against the US dollar. Goldman is not the only bank bullish. Swiss investment bank UBS has called gold a “first-choice” asset in its global strategy, while Bloomberg Intelligence senior commodity strategist Mike McGlone believes that hedge funds will push gold prices to $3,000 an ounce.

Central banks are also adding to their gold reserves. Last month’s report showed net gold purchases in July were up 206% from the previous month, according to Krishan Gopaul, senior analyst at the World Gold Council. Retail buyers are also getting in on the gold rush. Costco’s recent earnings report showed a double-digit increase in gold sales for three months, and the retail giant has now announced plans to start selling platinum.

What do you think about Goldman's gold price prediction? Share your thoughts and opinions on this topic in the comments section below.
#binance #wendy #bitcoin #eth #crypto $BTC $ETH $BNB