24K99 News Goldman Sachs analysts predicted in early September that the price of gold will reach $2700 per ounce in 2025. Just one month later, Goldman Sachs market strategists set their sights on even higher levels, forecasting that by 2025, the price of gold will rise to $2900 per ounce.
Goldman Sachs commodity analysts mentioned in September that they predict an 8% increase in gold prices. At that time, analysts were 'confident' in gold, predicting that the price of gold would rise to $2700 per ounce. However, just a month later, these financial experts changed their views and now have a new perspective.
Last week, Goldman Sachs analysts emphasized their bullish stance on gold, highlighting strong demand for gold from institutional investors and central banks.
Goldman Sachs raised its forecast for gold, increasing next year's expected gold price from $2686 per ounce to $2973 in 2025.
(Source: Bitcoin.com)
The bank's analysts explained, 'We reaffirm our bullish stance on gold due to the gradual boost provided to gold by global interest rate cuts, increasing structural demand from central banks, and the benefits of gold as a hedge against geopolitical tensions, financial risks, and recession.'
On Monday (October 7th) in the Asian market, the price of gold edged down to $2645, but the bulls still remain in control.
In the past month, gold / USD rose by 6.35%. Goldman Sachs is not the only bank with an optimistic attitude.
Swiss investment bank UBS Group has placed gold at the top of its global strategy as the "top priority" asset, while Bloomberg Intelligence Senior Commodity Strategist Mike McGlone believes that hedge funds will drive gold prices to $3000 per ounce.
In addition, central banks around the world are increasing their gold reserves.
Krishan Gopaul, Senior Analyst at the World Gold Council, stated that the September report showed a 206% increase in gold net purchases in July compared to the previous month.
American retail buyers have also joined the gold rush.
Recent financial reports from the well-known large retailer Costco show double-digit growth in gold sales over a three-month period, with the retail giant also announcing plans to start selling platinum.
Edward Sterck, Research Director at the World Platinum Investment Council, mentioned that while platinum is widely used in consumer goods such as jewelry and watches, its main use and demand are in the industry. For example, the automotive industry uses platinum as a catalyst in the emission control system of internal combustion engines (ICE).
David Russell, CEO of precious metals broker GoldCore, stated that in terms of preserving assets, no precious metal can compete with gold. He added that platinum is not like gold, not an asset on central bank balance sheets, and in the private market, platinum is not as strong as gold and silver. If you want to trade platinum, this may be challenging.
He reminds investors that platinum is not considered a safe-haven investment like gold, and reveals that platinum only accounts for a "very small part" of GoldCore sales.
