Goldman Sachs Expects Gold to Rocket Well Above Its All-Time Highs in 2020
With the coronavirus pandemic surging and the details of a new U.S. stimulus package proposal weighing heavily on investors' minds, gold soared to an all-time high Monday, reaching $1,932 per ounce. And Goldman Sachs expects the precious metal to glitter even more brightly in investors' eyes over the next year, it will reach $2,300 per ounce by July 2021. The lustrous forecast is 15% higher than its previous forecast, issued in mid-June, of $2,000 per ounce.
According to analysts at the investment bank, a variety of causes will combine to propel gold prices higher, including a "potential shift in the U.S. Fed toward an inflationary bias against a backdrop of rising geopolitical tensions, elevated U.S. domestic political and social uncertainty and a second wave of Covid-19 related infection."
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Source Fool.com
