Goldman Sachs has raised its year-end gold price forecast from $4,900 per ounce to $5,400 due to increasing demand from private investors and central banks.
Goldman Sachs expects central banks to purchase 60 tons of gold per month this year. Additionally, as the Federal Reserve cuts interest rates, the scale of gold purchases via ETFs will also increase because central banks have started competing with private investors for limited gold reserves through traditional ETF purchasing methods.
