Sachs analysts raised their gold price forecast to USD 2,300 / tz, USD 2,500 / toz and USD 2,500 / tz, respectively, in a 3-, 6- and 12-month perspective, the institution said. Previously, Goldman Sachs forecasted the price of gold in these periods at $ 1,950, $ 2,050, and $ 2,150.
Due to the ongoing bull market in the commodities market, growing geopolitical tensions, as well as increasing central bank and consumer demand, Goldman Sachs economists have decided to revise the outlook for gold upwards, it was announced.
Analysts expect all three major components of gold demand to rise sharply in 2022. The last time this happened was in 2010-2011, when gold rose by almost 70%.
Source: Goldman Sachs and ISBnews
