Gold's impressive rally of approximately 8% so far this month appears to have further room for growth, with Goldman Sachs analysts projecting the precious metal to reach $2,300 per ounce by the end of the year.
Gold futures (Jun 2024 Contract) rose to a new high of $2,254 per ounce. Historically considered a safe-haven asset during geopolitical tensions and as a hedge against inflation (increasing in value as the purchasing power of the dollar declines).
Additionally, gold received renewed support after the Federal Reserve indicated its intention to implement three interest rate cuts this year.
According to a team of analysts led by Samantha Dart, the Fed's reaffirmation of potential rate cuts has bolstered market expectations, driving gold towards surpassing its earlier record high from March.
Goldman Sachs analysts have revised their average gold price forecast for 2024 from $2,090 to $2,180 per ounce, with an anticipated climb to $2,300 by year-en ...
Sign up to read the entire article. It's Free and Simple to sign up!
We are offering a
FREE 30 day trial which includes full access to the following services here at investorAi.
You only need an email address to sign up! You will NOT be billed at the end of your trial unless you wish to begin a subscription.