Goldman Sachs Doubles Down On Bullish Gold Price Forecast

Goldman Sachs Doubles Down On Bullish Gold Price Forecast

Goldman Sachs remains upbeat about gold in 2021.

In a report published Friday, the investment bank said that it is maintaining its 2021 gold price target of $US2,300 an ounce as the global economy returns to balance between positive news of potential vaccines for the COVID-19 virus and the still prevalent risks of further economic damage from more waves of the virus.

Gold prices ended Friday on Comex up around 0.7% at $US1,886.20, down 3.2% for the week as the rotation out of megatechs and similar stocks continued.

Gold investors ignored the rise in US bond yields over the week – although they eased to 0.895% on Friday after touching a high of 0.97% earlier in the wake in the wake of the switch in investing triggered by news about the Pfizer COVID-19 vaccine.Although Goldman Sachs economists see a strong economic recovery in the US and worldwide next year, commodity analysts […]

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