Gold SWOT: Goldman targets gold at $2,300 next year

Gold SWOT: Goldman targets gold at $2,300 next year

Strengths The best performing precious metal for the week was platinum, off just 0.23 percent on positive price forecast. Spot gold rose as much as 1.5% on Tuesday, recouping some of its losses from Monday after positive news of a coronavirus vaccine was released. The yellow metal also rose on Thursday and appears to have steadied after the dollar fell on news that COVID-19 cases are surging in the U.S.

Russia’s finance ministry is proposing allowing its sovereign wellbeing fund to invest in precious metals, according to a draft amendment of the law published on the government’s website. Russian giant Polyus said the prefeasibility for Sukhoi Log, the world’s largest untapped gold deposit, shows annual production of 2.3 million ounces at a cash cost of $390 per ounce, reports Kitco News.

In more Russian news, the country’s most expensive ever diamond – a 14.83-carat pink gem – […]

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