Goldman Sachs analysts expect a gold price of $ 2,000 an ounce within the next twelve months. The short-term price targets were also raised.
Gold price forecast
The US investment bank Goldman Sachs has raised its price target for the gold price. Gold is expected to be around $ 2,000 an ounce over the next twelve months. As part of the latest forecast, analysts at the money house still predicted $ 1,800.More potential?Goldman Sachs believes that a combination of more than 2 percent US inflation and a subdued (monetary) political response is necessary to raise the gold price above the $ 2,000 mark.
Also positive in the short term
The bank has also raised its 3-month and 6-month forecasts to $ 1,800 and $ 1,900, respectively, from $ 1,600 and $ 1,650 previously. At 10 a.m. this morning, the troy ounce of gold on the spot market cost $ 1,730. The current gold price is 13.5 percent below Goldman Sachs’ 12-month target.
Physical gold in high demand
The requests for physical delivery (“delivery notices”) submitted so far in June were 52,208. This means that 1,792 applications were received last week. The demand from futures traders for physical gold (instead of cash settlement) remains extremely high. The delivery notices in June are already 65 percent above the previous record month of April. Last Wednesday alone, 1,541 extradition requests were received.