高盛分析师Daan Struyven等人在一份报告中表示，“买入黄金吧。”Goldman Sachs expects the target price of gold in December 2025 to reach $3,000 per ounce, due to increased central bank demand and the impact of interest rate cuts in the USA. The report states that escalating trade tensions may boost speculative positions in gold. Goldman Sachs has listed gold as the preferred commodity for trading in 2025, indicating that the price of gold may continue to rise during Trump's presidency.
Cailianshe News on November 18th (Editor Zhou Ziyi) Goldman Sachs Group wrote in a recent report that due to central bank demand and interest rate cuts in the USA, gold will rise to record levels next year.
Goldman Sachs has listed gold as the top choice for commodity trading in 2025, and stated that during Donald Trump's presidency, the price of gold may continue to rise.
Goldman Sachs analysts, including Daan Struyven, stated in a report, "Buy gold." He also emphasized that the target price for gold before December 2025 will reach $3,000 per ounce.
The structural driving factors of this forecast include two main points: first, the increased demand from central banks worldwide, and second, as the Federal Reserve cuts interest rates, funds flowing into gold ETFs (exchange-traded funds) will provide a cyclical boost.
Gold prices have already seen a strong rebound this year, hitting record highs consecutively. This trend shifted after Donald Trump won the election, as his victory boosted the dollar, leading to a decline in gold prices.
Regarding the future trend of gold, the bank holds an optimistic view. Goldman Sachs expects that an increase in official sector purchases and the Federal Reserve's shift to loose policies will support the rise in gold prices; additionally, the Trump administration may also support gold.
The bank also stated that escalating trade tensions may boost speculative positions in gold; increasing concerns about the sustainability of the US economy may also lift gold prices, as central banks—especially those holding large reserves of US Treasury bonds—may choose to buy more gold.
As of now, the spot gold is around $2,585 per ounce, having surged above $2,790 last month.
As for the outlook of other commodities, Goldman Sachs expects the trading price of Brent crude oil next year to be between $70 and $85 per barrel. In the short term, if the Trump administration imposes stricter sanctions on Iran's oil supply, then oil prices may have upward momentum; furthermore, base metals will be more favored than black metals; Europe's natural gas faces upward risks in the short term due to weather conditions.
