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Goldman Sachs Raises Gold Price Forecast for Early 2025 - From $2,700 to $2,900
3 October 2024 US investment bank Goldman Sachs said in a market update on Monday that it had raised its gold price forecast by $200 by early 2025, from $2,700 to $2,900 an ounce. “The gradual rally due to falling global interest rates, increasing structural demand from central banks and gold’s benefits as a hedge against geopolitical, financial and recession risks have led to long-term investment in gold,” it said. raised it. The 2024 forecast is $2,357 to $2,395 an ounce, while the 2025 forecast is $2,686 to $2,973 an ounce. “Our current analysis of demand from central banks and other institutional buyers in the London over-the-counter market shows a significant contribution from China, averaging 730 tonnes by July, or about 15% of annual global production,” Goldman Sachs analysts said. “I did it,” he wrote. They also noted that “moderate but still significant” central bank gold purchases on the London OTC market would push the gold price to $2,900 an ounce by early 2025, with inflows into exchange-traded funds gradually increasing in line with Fed interest rates. That’s been supportive of the gold market, as less than a month later Goldman Sachs raised its Q1 2025 forecast to $2,700 from Q4 2024.