Loading ...Goldman Still Sees Gold at $5,400 By Year-End Despite Downturn
Gold’s medium term outlook remains intact and the precious metal may reach $5,400 an ounce, analysts Lina Thomas and Daan Struyven said in a note, citing continued central bank purchases and two more US rate cuts this year.
Bullion still faces “tactical downside risks” in the short term, and could drop as low as $3,800 an ounce should the energy supply shock worsen, they said. Still, the upside remains significant if the Iran war were to contribute to accelerated diversification from “traditional Western assets.”