Goldman Sachs pushes up its gold price forecasts

NEW YORK (Mar 8)  U.S. investment bank Goldman Sachs has pushed up its gold price projections in light of recent political events. With the ongoing conflict, the gold price pushed up to $2020.98/oz overnight. This is the highest level the yellow metal has traded since the summer of 2020. Next up for the precious metal is all the all-time high at $2075.14/oz and the bulls could aim for this resistance zone. 

Looking closer at the forecasts the bank changed its 3-month horizon to $2,300/oz, from $1950 previously. The 6-month protection has moved to $2,500/oz, from $2050/oz previously
And lastly the 12-month horizon to $2,500/oz, from $2150/oz previously. Goldman is citing an increase in demand from consumers, investors, central banks. Due to the rising geopolitical uncertainty.

KITCO