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Gold prices : Goldman Sachs raises forecast from $2300 to $2700 per ounce



From the rebased price level, and with the firm seeing positive price factors still playing out ahead, they upgraded their price forecast to $2,700 per ounce by the year-end compared to the previous expectation of $2,300 per ounce, Goldman Sachs said in a report


Gold prices have seen a continued rally for the past two months since February and are not showing any sign of cooling off soon due to the current global scenario. In its forecasts for the precious metals in a note, Goldman Sachs predicted that the yellow metal will likely rise to $2,700 per ounce this year.


Goldman Sachs in a note to its clients this week has noted that gold's relative stability in the aftermath of this week's stronger-than-expected US CPI print was yet another demonstration that the metal's bull market is not being driven by the usual macro suspects Indeed, despite the market pricing progressively fewer Fed cuts, stronger growth trends and record equity markets, gold has rallied 20 percent over the past two months.




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