Goldman Sachs raises its forecast for gold prices to $2,700 by the end of this year

Goldman Sachs raised its forecast for gold prices by the end of this year to $2,700 per ounce, while it had previously expected it to reach $2,300 per ounce.

Goldman Sachs research expects that prices may rise further, partly driven by expectations of interest rate cuts by the Federal Reserve, according to Al Arabiya.

She added that so far in this bull cycle, ETF purchases of gold have remained slow, but this is because ETF holdings were already high on the back of “safe haven” purchases made during the last moments of economic uncertainty, such as the pandemic, And the crisis between Russia and Ukraine. Conflict and the collapse of Silicon Valley Bank.

On Friday, the yellow metal broke the $2,400 per ounce barrier for the first time ever, as this comes in light of the geopolitical tensions in the region in addition to concerns about the continued rise in inflation.